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News Now

Washington
House committee to hold hearing on Interchange CARD Act changes
WASHINGTON (10/2/09)--The House Financial Services Committee on Thursday announced that it has scheduled for Oct. 8 a hearing on H.R. 2382, the Credit Card Interchange Fees Act of 2009 and H.R. 3639, the Expedited CARD Reform for Consumers Act of 2009. The Credit Union National Association (CUNA) has publicly stated that changing the current interchange fee structure, as some merchants, including 7-Eleven, have promoted doing, would adversely limit consumer options, competition and technological innovation. CUNA believes interchange fees allow business costs, including the risk of consumer nonpayment, to be shared by the payments participants and discussions regarding what value should be placed on the use of electronic payments should be within the purview of the industry participants. Legislation that would allow merchants to negotiate interchange fees has also been introduced in the Senate, but it is not expected that H.R. 2382 nor the Senate-based legislation will be brought up for a vote during the fall session. While it is not certain if and when a vote could happen, committee Chairman Barney Frank (D-Mass.) and House colleague Carolyn Maloney (D-N.Y.) recently introduced H.R. 3639, which, if approved, would move up the effective date of some portions of the Credit Card Accountability, Responsibility and Disclosure (CARD) Act to December of this year. The committee has not announced witnesses for the hearing.


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