Marriner S. Eccles Federal Reserve Board Building is situated in Washington D.C., USA Credit/AdobeStock

Members from nine financial industry trade organizations asked the Federal Reserve to reject any merchant requests for further changes to Regulation II governing debit card interchange fees. Plus, the groups stated they are in the dark as to what the proposed changes might be and demanded the Fed share those details ahead of a board of governors meeting scheduled for Oct. 25.

In a letter sent to Federal Reserve Chair Jerome Powell on Friday, the nine organizations (American Bankers Association, American Association of Credit Union Leagues, Consumer Bankers Association, CUNA, Electronic Payments Coalition, Independent Community Bankers of America, Mid-Size Bank Coalition of America, NAFCU and the National Bankers Association) stated, “The merchant petitions and presentations to the Board demanding action on Regulation II are riddled with errors, misleading statements, and false comparisons that appear designed to deceive. As in the merchant groups’ litigation against the Federal Reserve on Regulation II, there is consistent cherry-picking of facts and omission of ‘inconvenient evidence’ that contradicts their advocacy efforts.”

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

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical 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 and

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Michael Ogden

Editor-in-Chief for CU Times. To connect, email at [email protected].

More from this author


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.