Trade says Fed has authority to limit financial impact on debit card-issuing credit unions.
CUNA presses Fed to include most costs in debit cap calculations on an ongoing basis.
The Federal Reserve’s rule regulating debit interchange fees could be delayed by at least six months if lawmakers approve a compromise proposal being discussed by several key senators.
Although government work isn’t always lucrative, 25 NCUA employees make more than $201,000 annually, according to agency records.
As members continue to navigate in an economy still balancing on an unsteady tightrope, high unemployment and inflation may be the major drivers behind the Federal Reserve Board’s decision to raise interest rates.
Fed chair tells Senate Banking Committee that some small banks could fail because of interchange cap.
Community banks and credit unions have little faith that merchants won’t discriminate against debit cards from small issuers, they said in a letter to lawmakers yesterday.
The Senate came back last week and didn’t take up legislation to delay the delayed implementation of the Fed's rule regulating debit interchange rates. But the NCUA and trade groups weighed in again about the impact on small issuers.
NCUA chair tells Fed in letter that costs in proposed rule exceed maximum allowed.
CUNA chief asks for two-year delay on exclusivity arrangements, routing restrictions.