Fed To Offer Webcast of Interchange Discussion
The Federal Reserve Board announced today it will offer a webcast of next Friday's meeting at which it will discuss and vote to send out for public comment its proposed rule on the regulation of debit interchange fees.
The regulatory overhaul bill passed by Congress this year gave the Fed the power to issue regulations relating to the price of debit interchange fees so that fees are "reasonable and proportional'' to the cost of the transaction.
Credit unions opposed the amendment and expressed concern that even with the exemption for financial institutions with assets of less than $10 billion they will be hurt because they will forced to lower prices to stay competitive with bigger institutions.
The meeting is scheduled to begin at 2:30 p.m. next Friday, Dec. 17. To see the webcast go to: www.federalreserve.gov.
This is the first time the Fed has offered a live webcast of one of its meetings.