Brad Beal, president/CEO of $690 million Nevada Federal Credit Union, on Friday presented Senate Majority Leader Harry Reid a petition with the signatures of 8,700 of the credit union’s 81,000 members urging the lawmaker to support legislation to delay the implementation of the Federal Reserve’s interchange rule.
“These members are engaged and very concerned about this issue,” Beal said. “They know the artificial cap on debit interchange was passed in the middle of the night with no appropriate hearings and will ultimately benefit the big box retailers on the back of Nevada consumers.’’
The Senate could consider the legislation, sponsored by Sen. Jon Tester (D-Mont.) when it returns from recess next week.
The Fed has issued a draft proposed rule regulating interchange fees but hasn’t issued a final rule. The final rule is supposed to go into effect in July. The provision requiring the Fed to write a ruler on the subject was part of the financial overhaul bill passed last year.
Tester’s bill would delay implementation by two years and have several bank regulators, including the NCUA, study the issue. A companion bill in the House, sponsored by Rep. Shelley Moore Capito (R-W.Va.), would delay implementation for one year.