Larger credit unions will bear more of the costs on limits on interchange fees than the NCUA estimates, the heads of CUNA and NAFCU said in response to a letter that NCUA Chairman Debbie Matz wrote to Federal Reserve Chairman Ben Bernanke.
CUNA President/CEO Bill Cheney said Wednesday that his group finds NCUA's "estimates of debit card transaction costs for larger issuers to be incredibly understated. First, as was the case with the Fed's previous costs study at large issuers, internal and/or indirect costs such as labor, equipment, overhead and fraud prevention are not included,'' he said in a statement.
NAFCU President/CEO Fred Becker wrote Matz that "during the survey process, one of our members informed us that they did not believe NCUA was asking the right questions to correctly determine the cost of interchange.''
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