Fed to Unveil Interchange Rule June 29
The Federal Reserve Board announced Tuesday that it will unveil and vote on the rule regulating interchange fees at a meeting next Wednesday.
The final rule is set to take effect on July 21. The proposed rule, which was strongly objected to by banks and credit unions, capped the fee at 12 cents per transaction.
Credit unions and banks worked together to try to get Congress to delay implementation of the rule but fell six votes short in the Senate earlier this month.
The Fed was mandated to write a rule as a result of a provision of the financial overhaul bill passed by Congress last year.