Thanks to those of you who contacted your U.S. Representatives and Senators to ask for a delay and further study of the Durbin Amendment pertaining to debit card interchange. This delay was not passed, so the new rules will go into effect later this month.
What does this mean to you and LMCU? At this point, we are not sure. As a financial institution with assets under $10 billion, the new rules are supposed to have little impact on us. We hope this will be the case. However, we are concerned about possible loopholes in the legislation that could negatively impact our operations and income, requiring us to add fees to checking accounts.
We will monitor this situation closely and will be proactive with legislators if needed to help avoid unintended consequences. We hope to continue to be able to offer free checking!