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.
"My bipartisan bill provides for a one-year delay and allows the Federal Reserve, FDIC, OCC and NCUA to study potential unintended consequences of capping the interchange fee at 12 cents then make recommendations for changes, if necessary. Simply put, the stakes are too high for consumers to let this rule go forward without answering some of these critical questions," Capito (R-W.Va.) said in a statement.
She introduced her bill, which has 27 co-sponsors, several hours after Sen. Jon Tester (D-Mont.) introduced a similar bill in the Senate. Tester's bill calls for a two-year delay in implementing the Fed rule.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- 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.
Already have an account? Sign In
© 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.
