The Federal Reserve is seeking comments from the public related to the fees received by card issues from debit card interchange. 

The proposal is not positive for the issuer part of the cards-ecosystem as it would decrease debit interchange income for covered issuers ($10B+), establish a new and lower price point for issuer costs, and create a new biennial price-setting mechanism without the courtesy of analysis, transparency, and commentary. 

Regardless of size, Ohio credit unions with debit card programs will be impacted by any debit interchange pricing shifts. That’s why it’s critical to remind the Federal Reserve that the current interchange system works and cards, compliance, and cybersecurity all have a cost, and this proposal will only impact how you serve your members.