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.
The Federal Drug Administration today approved a new drug designed to fight the affects of the interchange cap on financial services executives.
Sen. Jon Tester (D-Mont.) will attempt to offer his bill to delay the implementation of the Federal Reserve’s debit interchange rule as part of a bill to fund the Small Business Administration currently being discussed in the Senate.
Federal Reserve Chairman Ben Bernanke told lawmakers today that the central bank won’t be able to make the April 21 deadline for releasing a final rule to regulate interchange fees.
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.
The St. Louis Cardinals and Chicago Cubs are among baseball’s most storied rivals. Now the newspapers in their cities are facing off on a key issue: debit interchange.
Pushing back against what he says is one of the most expensive lobbying efforts by big banks, Senate Majority Whip Richard Durbin (D-Ill.) said today that credit unions and small banks were being used by larger financial institutions.
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.
The Hispanic community will “suffer a significant burden,” if Congress and regulators don’t study the unintended consequences of the Durbin amendment to regulate debit interchange fees, Hispanic Chamber of Commerce President/CEO Javier Palomarez conveyed to Senate leaders.
Calling the original measure the “Payday Lender Empowerment Act,” The Wall Street Journal today urged senators to repeal a provision of the financial overhaul bill giving the Fed the power to regulate and cap debit interchange fees.