At press time, CUNA and NAFCU and their allies were fighting to kill an amendment to further regulate interchange fees that their adversaries were couching in populist terms.
Senate Majority Whip Richard Durbin (D-Ill.) sponsored an amendment to the regulatory restructuring bill pending in the Senate that would authorize the Federal Reserve to ensure that debit card fees are "reasonable and proportional," in relation to processing costs. It would exclude credit unions and community banks credit unions with assets of less than $1 billion,
It would also allow merchants to set a minimum or maximum amount for each transaction and let them offer additional discounts for using a certain type of card or cash.
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