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News Now

Washington
Interchange bill markup postponed until July
WASHINGTON (6/20/08)--The House Judiciary Committee confirmed to the Credit Union National Association (CUNA) yesterday that it does not intend to mark up an interchange fee bill next week as originally expected. The bill, known as the Credit Card Fair Fee Act (H.R. 5546), has a companion bill (S. 3086) of the same name pending action in the Senate. Additionally, Rep. Peter Welch (D-Vt.) has introduced a bill to require credit card companies to disclose their interchange rates, terms, and conditions to consumers and businesses. CUNA was told that no mark up would be scheduled until July at the earliest, said Ryan Donovan, CUNA vice president of legislative affairs. The interchange fee bill would set up a government tribunal as mediator in disputes that could occur relating to interchange fees based on consumer use of credit and debit cards. CUNA opposes legislation that would regulate interchange because it believes that such action would adversely affect consumer options, competition and technology innovation. Credit unions use interchange fee revenue to offer credit and debit cards to their members. The revenue covers the costs and risks the credit union incurs in the card system, including consumer nonpayment and fraud. For more information, use the link.


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