Credit unions and other opponents of the Federal Reserve'sproposed rule capping debit interchange fees received good newslast week when bills to delay the rule's implementation wereintroduced in the Senate and House.

Sen. Jon Tester (D-Mont.) introduced legislation calling for atwo-year delay while the bill introduced by Rep. Shelley MooreCapito (R-W.Va.) delays implementation by one year. Tester andCapito introduced their bills on March 15.

Both bills mandate a study on the effects of the Fed's proposedrule, including an examination of the debit interchange paymentsystem and the costs and benefits involved. In addition, the studywould look at whether savings from lower interchange fees would bepassed on to consumers and what the impact of changes in the systemmight have on small and large merchants.