To prepare for possible action in Congress on delaying the Federal Reserve’s interchange rule, credit unions redoubled their grassroots efforts on the issue during the recent recess.
Easter Break over, lobbying resumes to delay or halt the new cap on interchange fees.
Credit unions and other opponents of the Federal Reserve’s proposed rule capping debit interchange fees received good news last week when bills to delay the rule’s implementation were introduced in the Senate and House.
Overturning a proposed debit interchange cap on legal grounds may set a precedent against exempting credit unions from future regulations that affect large banks and other financial institutions.
Sen. Jon Tester (D-Mont.) introduced legislation today calling for a two-year delay in the implementation of the Federal Reserve’s rule on debit interchange and a study of the issue.
Sens. Jon Tester and Bob Corker will likely introduce legislation early next week that would mandate a two-year postponement of the implementation of the Federal Reserve’s proposed rule regulating interchange fees.
Consumers may have to pay as much as 20% down for their mortgages to be exempt from risk-retention standards, according to media reports about the discussions among regulatory agencies.
The issue of regulating interchange fees will be one of the topics lawmakers have to deal with when the House-Senate conference committee meets today to reconcile the differences between the financial reform bills passed by both chambers.
After having dropped off for a month, CUNA's Credit Union Legislative Action Council is again on the list of top of the top 20 donors to federal candidates, according to data compiled by the Center for Responsive Politics.
The chairmen and ranking Republicans of the Senate Agriculture and Banking committees are among the 12 senators named to the Senate-House conference committee that will reconcile differences between the regulatory overhauls.