Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
NEW Amended interchange delay bill introduced
WASHINGTON (UPDATED: 4:00 P.M. ET, 6/7/11)--Sens. Jon Tester (D-Mont.) and Bob Corker (R-Tenn.) have introduced a revised version of their debit interchange fee cap implementation delay legislation. The revised legislation, which is being offered as an amendment to a bill to reauthorize the Economic Development Administration (EDA), would shorten the implementation delay to a maximum of one year. The EDA reauthorization bill was still being discussed on the Senate floor at press time. The Federal Reserve, the National Credit Union Administration, the Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency would be given six months to determine whether or not the Fed’s current proposal accounts for all fixed and incremental costs to financial institutions, whether the proposed debit interchange cap would adversely impact consumers, and if a small issuer exemption would work as planned. The Fed would then be given six months to rework the interchange rules if the Fed and one of these other regulators determine that the rule needs revision. The current rules would be implemented as planned if no issues are detected by the study. The Fed would be required to review its interchange regulations within two years of their implementation. The Credit Union National Association followed up on the release of the legislation by urging Senators to support the proposed delay, calling the measure a “common sense” approach to the issues surrounding the interchange cap. The amended legislation has bipartisan support, with Sen. Mike Crapo (R-Idaho), who voted in favor of the Durbin amendment, among its cosponsors. It is not expected that a vote on the revised interchange delay amendment will take place today.


RSS print
News Now LiveWire
#NewsNow: NJ-based money services business fined for repeated #BSA violations. http://t.co/6or7wDbomL
25 minutes ago
#NewsNow: Wal-Mart to issue EMV MasterCards within next few weeks. http://t.co/9csqwhFEdB
49 minutes ago
#UMich consumer confidence index bounces back in August http://t.co/LJ1l7mk4Ty
1 hours ago
IPSOS survey: Canada's #creditunions top for member service 10th consecutive year @CanadianCentral http://t.co/dSipMd4qnz
1 hours ago
#NewsNow Home-state visits connect lawmakers, credit unions http://t.co/Ti7HdH9gFo
1 hours ago