Brad Beal, president/CEO of $690 million Nevada Federal CreditUnion, on Friday presented Senate Majority Leader HarryReid a petition with the signatures of 8,700 of the credit union’s81,000 members urging the lawmaker to support legislation to delaythe implementation of the Federal Reserve’s interchange rule.

“These members are engaged and very concerned about this issue,”Beal said. “They know the artificial cap on debit interchange waspassed in the middle of the night with no appropriate hearings andwill ultimately benefit the big box retailers on the back of Nevadaconsumers.’’

The Senate could consider the legislation, sponsored by Sen. Jon Tester (D-Mont.) when it returns from recess nextweek.

The Fed has issued a draft proposed rule regulating interchangefees but hasn’t issued a final rule. The final rule is supposed togo into effect in July. The provision requiring the Fed to write aruler on the subject was part of the financial overhaul bill passedlast year.

Tester’s bill would delay implementation by two years and haveseveral bank regulators, including the NCUA, study the issue. Acompanion bill in the House, sponsored by Rep. Shelley Moore Capito (R-W.Va.), would delay implementationfor one year.