New Website Set Up to Monitor Merchant Practices on Swipe Fees (Misc News: October 3, 2011)
CUNA has a new website that will monitor merchant practices on debit interchange fees.
CU Times reported Friday afternoon that that CUNA is encouraging credit unions to report anti-credit union “discrimination,” which could later be shared with NCUA and state regulators.
It said that any information reported on the site will remain confidential, although “relevant portions” of the reports will be given to state leagues and possibly regulators.
“CUNA wants credit union feedback on any experiences they may have had regarding merchants that have engaged in such prohibited practices," said Mary Dunn, CUNA senior vice president and deputy general counsel.
The Durbin amendment, which required the Federal Reserve to establish limits on debit interchange fees – also known as swipe fees – takes effect on Saturday, Oct. 1. The launch of the website coincides with the start of the new fee structure.