WASHINGTON — Credit card issuers and retailers could have their disagreement over interchange fees one step closer to being resolved this week.
Sources among trade associations representing both sides say there is a strong chance the House Judiciary Committee will mark up a bill requiring the negotiation of an interchange settlement between retailers and credit card companies. If merchants and credit card companies cannot reach an agreement, both sides would have to submit to binding arbitration by a panel of judges appointed by the Department of Justice and the Federal Trade Commission.
CUNA and NAFCU are strongly opposing H.R. 5546, the Credit Card Fair Fee Act, which is sponsored by Rep. John Conyers (D-Mich.), the committee's chairman. Both groups say the additional fees could cause credit unions to stop issuing credit cards, and thus limit consumer's options.
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