Let's Talk About 'Dodd-Frank' Fees
Clearly credit unions and banks will be directly affected by Dodd-Frank Wall Street Reform and Consumer Protection Act. Further, the Durbin Amendment to the act will reduce revenue for credit unions and banks by regulating interchange fees associated with debit cards. To offset the lost revenue, credit union and banks will likely institute new fees to cover the cost of the popular debit card program. In an effort to educate consumers about the act, it is recommended that credit unions and banks uniformly call the new fees the "Dodd-Frank" fees.
As the new fees are implemented, provide signage and brochures that describe the new "Dodd-Frank" fees to members, so that they understand this is not a new profit center for the credit union or bank but rather a fee required by congress. This will be an opportunity to educate the public about congressional action, who benefits, who pays, and what they can do about it. The brochure should provide contact information for congressional representatives.
Dan Thornton, Manager
Spohn Health System FCU, Corpus Christi, Texas