CUs, Banks Now Look To Courts After Senate Interchange Defeat
Credit unions are hoping for relief from the courts and an improved rule from the Federal Reserve following the Senate defeat of an amendment that would have delayed the Federal Reserve’s rule regulating debit interchange fees by up to a year.
On June 8, an amendment sponsored by Sen. Jon Tester (D-Mont.) and Sen. Bob Corker (R-Tenn.) received 54 votes, six short of the 60 needed to pass under Senate rules. There were 45 senators who opposed the amendment.