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News Now

Washington
Interchange delay bill Co-sponsor list growing
WASHINGTON (4/4/11)—The ranks of House interchange delay supporters grew to 64 late last week, and support for an examination of interchange fee cap legislation is growing as the July 21 effective date comes ever nearer. Similar Senate legislation boasted 17 total sponsors last week. The House and Senate bills listed 42 and 13 cosponsors, respectively, as of March 21. Notable new cosponsors include James Sensenbrenner (R-Wisc.) in the House and Bill Nelson (D-Fla.) in the Senate. The House and Senate bills, which were introduced by Rep. Shelley Moore Capito (R-W.V.) and Sen. Jon Tester (D-S.D.), respectively, would delay implementation of the Federal Reserve’s proposed interchange fee regulations and order a study of the new rules impact on consumers, financial institutions, and merchants. The House bill proposes a one year delay, while the Senate bill would push the effective date back by two years. A vote on the Senate delay legislation could happen early this week if the legislation is attached to a pending small business bill. However, a vote may not happen for several weeks. Credit union backers nationwide stressed the need for delay to their legislators during the recent district work period, which took place between March 21 and 25. Texas was one of the front lines for credit union / congressional interaction, with local credit union chapters meeting with Sens. John Cornyn (R) and Kay Bailey Hutchison (R). San Antonio, Texas-based credit union representatives also met with House cosponsors Henry Cuellar (D) and Quico Canseco (R). The Michigan Credit Union League was also active during the week, meeting with Rep. Sander Levin (D) and other congressional representatives. The Credit Union National Association continues to urge credit union backers to continue to contact their representatives via CapWiz. A total of 55,000 separate interchange contacts had been made through this system as of last week. To contact your local legislator, use the resource link.
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