Allied Credit Union President/CEO Frank Michael will be one of seven people testifying at the Feb. 17 hearing on the Federal Reserve's proposed rule on interchange fees, the House Financial Services Committee announced today.
WASHINGTON - Senate Minority Leader Mitch McConnell threw cold water on the likelihood that the Senate might revisit the interchange amendment that was passed as part of last year's financial overhaul bill.
Credit unions, banks and other supporters of making changes to the interchange rule have a friend in Rep. Barney Frank (D-Mass.), the top Democrat on the House Financial Services Committee.
With their new majority in the House, Republicans are vowing to keep a close eye on regulators, and the Federal Reserve's regulation of interchange could well be one of the lawmakers' top priorities.