I don’t think it’s too much of a stretch to say that our industry’s fight against a Draconian interchange fee cap reached epic proportions in the weeks leading up to the June 8 vote in the Senate on the Tester-Corker amendment to delay and study the Fed’s proposed rule. Credit...
This opinion piece by NAFCU President/CEO Fred Becker is one of the articles that will appear in the next print edition of Credit Union Times.
TCF National Bank, a major issuer of debit cards, has gone to a higher court to try again on blocking new cap.
TCF National Bank is seeking a quick ruling on its appeal of a court's refusal to stop the Fed from imposing the new interchange cap.
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.
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.
TCF National Bank, the financial institution which has taken the Federal Reserve to court over the debit interchange cap, lost roughly 250,000 checking accounts when it announced it would start charging a fee for checking accounts with balances of less than $500.00
The Federal Reserve’s proposed rule regulating interchange is unconstitutional and would do “irreparable harm to issuers and consumers.’’
TCF National Bank, the financial institution that has sued the Federal Reserve over its proposed debit interchange rule, has based their argument against the rule in part on the rule's small issuer exemption.
CUNA, NAFCU and several bank groups are asking a federal judge if they can file a friend-of-the-court brief on behalf of a bank that is challenging the constitutionality of the law, giving the Federal Reserve the power to regulate interchange.