NCUA, Trades Push on Delaying Implementation of Fed Rules on Debit Interchange Rates
The Senate came back last week and didn’t take up legislation to delay the delayed implementation of the Federal Reserve’s rule regulating debit interchange rates. But the NCUA and trade groups weighed in again about the impact on small issuers.
Andrea Heller, a spokeswoman for Sen. Jon Tester (D-Mont.), the lead sponsor of a bill to delay by two years implementation of the Fed’s rule, said Tester is still working with his colleagues to find an appropriate bill to which he can attach his amendment. She said that while there is growing support for the measure, she declined to say how many votes it is likely to get nor did she say whether there were the 60 votes lined up that would be needed to stop a likely filibuster by opponents.
NAFCU took issue with the agency’s contention that the proposed rule wouldn’t hurt credit unions with more than $500 million in assets.
NAFCU President/CEO Fred Becker wrote Matz that the agency "did not take into consideration fraud costs, labor costs, facilities, equipment and other overhead costs. In fact, during the survey process, one of our members informed us that they did not believe NCUA was asking the right questions to correctly determine the cost of interchange."