NCUA Passes Interim Final Rule Confirming Preemption of IFPA
The NCUA has officially published its interim final rule on interchange, declaring that the Federal Credit Union Act, which grants credit unions the right to charge fees, preempts the Illinois Interchange Fee Prohibition Act, Emily Claus reports.
New Ruling Issued on Illinois Interchange Prohibition Act
A new win in the longstanding battle agains the Illinois Interchange Fee Prohibition Act, a judge for the U.S. District Court for the Northern District of Illinois has ruled that federal law preempts the IFPA, Emily Claus reports.
The Times They Are Interchangin’
Interchange income is a big part of credit union revenue, and U.S. Senators have it in their crosshairs. CUSO Magazine’s Esteban Camargo continues his financial education series with an explanation of interchange and the legislation proposed to change how it works.
Interchange Fee Lawsuit Reaches Settlement
A twenty-year lawsuit between Visa, Mastercard, and US merchants on interchange fees has finally reached a settlement, Emily Claus reports.
Illinois Law Restricting Interchange Fees Unites Banks and Credit Union Groups
Banking and Credit Union groups have joined forces to file a legal complaint in Illinois to oppose the recently signed Illinois Interchange Fee Prohibition Act. Esteban Camargo reports on the groups’ filing and the law it seeks to prevent.
The Credit Card Competition Act and Its Implications for Card Rewards
As we continue this two-part series on interchange, Esteban Camargo discusses the Credit Card Competition Act of 2023, what supporters and opponents are saying about it, and what the aftermath of the 2010 Durbin Amendment might suggest is in store for credit cards.
What is Interchange and Why Does it Matter to Credit Unions?
Financial literacy month continues with part one of Esteban Camargo’s two-part series on interchange income: what it is, why it’s important to credit unions, and what politicians are trying to change.
Congress Passes Funding, NFIP Extension, Goes Home with Work Undone
Congress managed to keep much of the federal government and the National Flood Insurance Program funded before leaving for the campaign trail last week but punted on many major issues—either preferring to consider them in a lame duck session or not at all, reports David Baumann of CUCollaborate.
