CO-OP Financial Services Blog: Insight Vault

With the current economic environment, vendor due diligence requirements and evolving member needs, credit unions are faced with challenges today that were not in play just a few years ago. Current legislation has a significant potential negative impact on the non-interest income revenue stream of credit unions. Legislative requirements add complex operational challenges to their IT and operational staffs. Now more than ever it is imperative for credit unions to understand their EFT portfolio, income and expense, and maximize processor and network partners.
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We’re past Memorial Day – summer’s here and the time is right for newly-minted high school and college grads across the nation to start spreading their financial wings.
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Try this simple bit of arithmetic to see how much the Durbin interchange amendment to the financial regulatory overhaul bill will hurt your credit union:

$30 x the number of debit cards you issue

So, if there are 10,000 active debit cards out there with your credit union’s name on them, you will lose somewhere in the neighborhood of $300,000 in interchange income each year if the Durbin amendment isn’t stricken from this bill.

Mad yet?

We at CO-OP certainly are. In fact, we’ve pledged $75,000 to CUNA to help them mount one of the biggest grassroots efforts since The Credit Union Membership Access Act of 1998, or H.R. 1151.

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