The provisions giving the Federal Reserve the right to set interchange fees came a step closer to reality last night when Senate members of the House-Senate conference committee on financial overhaul accepted an offer made by House conferees.
NAFCU President/CEO Fred Becker said he and his organization are "greatly disappointed," by the House's proposal on interchange fees that keeps most of the language in the Senate-passed amendment.
The Federal Reserve would still have the power to regulate interchange fees though credit unions and banks with assets of $10 billion or less would be exempt and retailers would be expressly forbidden from discriminating among card types.
Accounts of up to $250,000 at credit unions and banks would be permanently insured beyond the current expiration date of 2013, as a result of an amendment approved late yesterday by the House-Senate conference committee on regulatory overhaul.
House and Senate conferees today began the process of reconciling the two chambers' versions of the regulatory overhaul legislation.
From the halls of the Treasury Department to town meetings in the states, credit unions and their allies began the last
Reps. Debbie Wasserman Schultz (D-Fla.) and Kenny Marchant (R-Texas) are asking colleagues to sign a letter to push for the removal of Senate-passed amendment giving the Federal Reserve the power to regulate interchange fees.
A group of retailers today sent lawmakers a flyer contending that 99.96% of credit unions wouldn't be affected by an amendment in the regulatory overhaul giving the Federal Reserve the power to regulate interchange fees.
The amendment to regulate interchange will increase transparency to consumers and force card issuers to design their products in a way that consumers are aware of all the costs, consumer advocate and Harvard Law Professor Elizabeth Warren said today.
NAFCU President/CEO Fred Becker asked President Obama, Federal Reserve Chairman Ben Bernanke and NCUA Chairman Debbie Matz to "express any concerns you may have," about the amendment that would give the Fed the power to regulate interchange fees.