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.
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.) said that the bill he introduced today to delay the implementation of the Fed’s interchange rule is “going to help small banks, credit unions and consumers.”
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.