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.
Backers of congressional efforts to delay implementation of the Federal Reserve’s rule regulating interchange were buoyed when Federal Reserve Chairman Ben Bernanke said the agency wouldn’t be able to release the rule by the April 21 deadline.
Credit union employees and members who want to contact lawmakers to express support for delaying the Fed’s interchange rule have a new online resource.
Montana First Credit Union President/CEO Chris Sisco is in television, radio and print ads telling the credit union and bank side of the interchange argument.
The major credit union trades, CUNA and NAFCU, along with state leagues are pushing an array of online messaging formats today in challenging the interchange fee cap.
A spokesman for the Electronic Payments Coalition, a group formed to defend card interchange, predicted that the legislation authorizing a cap on debit card interchange would face strong opposition in this Congress.
Expect a lively debate to open up the New Year on CU Times ON AIR with the Interchange Exchange.
A controversial study from researchers affiliated with the Federal Reserve Bank of Boston suggests that lower income consumers who generally use more cash and debit cards subsidize the credit card use and rewards of wealthier consumers.
Credit unions took their case for keeping the status quo on interchange fees to Capitol Hill last week as House and Senate conferees began their effort to reconcile the different versions of the regulatory overhaul bill.