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ST. PETERSBURG, Fla.-The worst thing CUs can do is think they are through the worst when it comes to the CARD Act and the new interchange rules.

That thinking can lead credit unions to relax and take their eyes off what is still coming from Washington in these two areas, cautioned Steve Salzer, executive vice president, PSCU. "The credit card and debit card regulations have been so extensive in the last 18 months that credit unions may feel that since they have gone through so much they are through the storm, and move on to other compliance requirements. That may cause them to fail to focus on the clarifications around the credit rules that are coming into play, and clarifications with debit rules that will certainly arise."

Salzer pointed out that CARD Act clarifications are rolling out this year and next. "They are not as extensive as the regs that have already gone into effect, but they are changes, and credit unions need to be mindful of them." An example of a CARD act clarification coming up this year is one related to cardholders' ability to pay, noted Salzer.

While not a clarification, credit unions need to pay attention to the prepaid cards arena, Salzer said. "There has been so much focus on credit card practices and on debit that it's important to realize that prepaid cards have also been regulated through the CARD Act and Durbin."

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