A new report by the Federal Trade Commission takes a look at the enforcement, outreach and effects of last year’s debit-fee rules.
One major finding was that small banks and credit unions were not hurt by the new laws that capped debit-interchange fees for large institutions. There was a worry that payment card networks would take measures, including possible collaboration with big banks, to reduce the ability of these smaller institutions to compete with largest institutions.
“To date, FTC staff has not uncovered evidence that this type of conduct is occurring, but we will continue to collect and evaluate information related to this concern,” the report said.
Without a significant impact to small banks and credit unions, these institutions are able to continue offering attractive products, such as interest checking accounts and rewards checking accounts, which are not easily found at bigger banks.