The Federal Reserve Board announced Tuesday that it will unveil and vote on the rule regulating interchange fees at a meeting next Wednesday.
CUNA’s Cheney reaches out to members of bank/CU panels set up by Fed last year, asking them to reach out to Fed Board.
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.
Last week credit unions and banks failed to muster the votes to even delay the interchange fee cap regulation by a year. One could argue it was a failure of the American political structure that grants some groups or individuals inordinate amounts of power.
Trade says Fed has authority to limit financial impact on debit card-issuing credit unions.
New debit cap "is going to create a train wreck that will affect every consumer with a debit card," says CUNA President/CEO Bill Cheney.
After year-long battle between financial institutions and retailers, measure to delay interchange cap fails by six votes.
Senate vote expected at 2 p.m. today; sources report that measure delaying interchange cap within a few votes of passing.
Several sources tell Credit Union Times that Sen. Jon Tester (D-Mont.) will offer amendment during debate of a funding bill.
Sound CU CEO, heading for merger completion, sees interchange cap forcing possible changes in checking programs.