The NCUA claims that the sale of those securities brought down the now-failed U.S. Central and Western Corporate federal credit unions.

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Some cards that only pass on the 1% fee, without the mark-up, include cards by USAA, Navy Federal, and most other credit unions, as well as the Fidelity Amex.

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Like a neighborhood cop on the beat, the CFPB supervises banks, credit unions, and other financial companies, and will enforce federal consumer financial laws.

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In late June, the Federal Reserve issued its final regulations on debit interchange fees, handing both large banks and smaller credit unions a victory.

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One major downside: Loans issued by credit unions and other private lenders generally don't have the same protections and payment options as federal student loans, such as income-based repayment and longer deferment and forbearance.

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