WASHINGTON — Credit unions could exempt themselves from negotiations over interchange fees if they feel it would benefit them, according to an amendment introduced today during the House Judiciary Committee markup on the subject.

The panel is discussing H.R. 5546, the Credit Card Fair Fee Act, which would require the negotiation of an agreement on interchange fees between retailers and credit card companies. The amendment, which also applies to small banks, would also eliminate a controversial provision that said if both sides could not reach an agreement, they would have to submit to binding arbitration by a panel of judges appointed by the Department of Justice and the Federal Trade Commission.

House Judiciary Committee Chairman John Conyers (D-Mich.),who proposed the amendment, said it incorporates some concerns by opponents and his bill would "level the playing field" controlled by the two big guys, MasterCard and VISA.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.