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.
Accusing him of supporting “crony capitalism,” a group of retailers have run advertisements against freshman Sen. Mike Lee (R-Utah) for being a backer of a measure that would delay the implementation of a Federal Reserve rule regulating interchange.
Saying that that more information is needed on the unintended consequences of capping interchange fees, Rep. Shelley Moore Capito last night introduced legislation that would delay the implementation of the Fed’s interchange rule by one year.
Rep. Shelley Moore Capito (R-W.Va.) plans to introduce later today a bill that would delay the implementation of the Federal Reserve’s debit interchange rule by one year.
Saying it will be the “start of a robust discussion,’’ on the set up of the Bureau of Consumer Financial Protection, House Financial Institutions and Consumer Credit Subcommittee Chairman Shelley Moore Capito announced an oversight hearing next Wednesday.