CrossState, ABCO FCU Join ACU and Credit Unions to Talk Interchange Proposal, Liquidity with Fed Vice Chair 

Credit unions met with Federal Reserve Vice Chair Philip Jefferson Monday to discuss a range of policy priorities to help credit unions increase service to members and communities. CrossState’s Chief Regulatory Officer Nicola Foggie and ABCO FCU’s President/CEO Jill Peterson joined America’s Credit Unions President/CEO Jim Nussle, members of its advocacy team, other leagues and credit unions, in Washington, D.C., to discuss the Fed’s debit card interchange cap proposal, liquidity, the fraud epidemic, and more.

The Fed proposed in October to update all three components of Regulation II’s interchange fee cap based on the latest data reported to the board by large debit card issuers. Along with America’s Credit Unions, CrossState and other leagues, strongly opposes the proposal and were successful in advocating for a 90-day extension to the comment deadline earlier this year. Comments are now due May 12.