The Senate came back last week and didn’t take up legislation to delay the delayed implementation of the Fed's rule regulating debit interchange rates. But the NCUA and trade groups weighed in again about the impact on small issuers.
To prepare for possible action in Congress on delaying the Federal Reserve’s interchange rule, credit unions redoubled their grassroots efforts on the issue during the recent recess.
Merchants Payments Coalition refutes key argument against debit interchange cap.
Easter Break over, lobbying resumes to delay or halt the new cap on interchange fees.
Efforts to delay the implementation of the Federal Reserve’s debit interchange rule continued on Capitol Hill and at the grassroots level last week.
The new Consumer Financial Protection Bureau doesn’t even begin operations until July and already CUNA and NAFCU and some on Capitol Hill are pushing for changes in how much power it has and what its structure will be.
Security Concerns Cited in Tech Trade Group's Call for Interchange Rule Delay
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.
WASHINGTON — The lead House sponsor of a measure to delay the implementation of the Federal Reserve’s rule regulating interchange said today that chamber won’t take up the measure until seeing what the Senate does first.
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.