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Compliance CUNA offers interchange webinar
WASHINGTON (8/1/11)--The Credit Union National Association’s (CUNA) Center for Professional Development is offering a webinar on the Federal Reserve’s debit interchange rule ahead of that regulation’s October 1 effective date. The webinar, entitled “The Debit Interchange Rule from a Compliance Perspective,” will take place on Aug. 3 from 3:00 p.m. until 4:30 p.m. ET. Registration will cost $219, and the webinar will be archived. Kathy Thompson, CUNA’s senior vice president for compliance, said “credit unions are rolling up their sleeves to address the impact of the new debit interchange restrictions and requirements on their operations, and CUNA wants to help them understand what needs to be done and think through the compliance implications of possible changes to products and services.” The webinar will:
* Provide an overview of the provisions of the new regulation that are effective October 1; * Discuss some of the still-unknown issues and possible impact on members; * Focus on the exclusivity and routing provisions and what credit unions must do to comply by April 1, 2012; and * Provide some compliance cautions as credit unions look for other sources of revenue and ways to compete.
Andrea Stritzke, vice president of PolicyWorks, will discuss operational considerations, and Thomas Riha, CEO of PayFusion, will share his expertise on payment network issues. Thompson will provide the CUNA Washington perspective on the regulation. The Fed's final rule caps large issuer debit interchange fees at 21 cents, and allows an additional five basis points per transaction may be charged to cover fraud losses. An extra penny may be charged by financial institutions that are in compliance with Fed established fraud prevention standards. “Although we are hopeful that a two-tiered debit fee interchange system as envisioned in the law will survive in reality, not just theory, credit unions need to understand the regulation, start to address the exclusivity requirements, and think about how their related product offerings may look a year from now,” Thompson said. To register for the webinar, use the resource link.


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