Congress Takes Step Back on Interchange Bill

Faced with significant pushback from credit unions and consumer advocates, Congress appears ready to re-evaluate regulations on interchange policies that would cost our members and all consumers higher fees on debit card transactions.

Faced with significant pushback from credit unions and consumer advocates, Congress appears ready to re-evaluate regulations on interchange policies that would cost our members and all consumers higher fees on debit card transactions.

Tuesday, Sen. Jon Tester, D-MT and Sen. Bob Corker, R-Tenn. introduced legislation to delay implementation of new interchange rules so that the issue could be studied further regarding its impact on consumers.

The bill, S-575 is joined by a companion bill in the House of Representative, HR-1081.

The Debit Interchange Fee Study Act seeks to take a more deliberative approach to the imposition of fees that have received considerable attention of Northwest credit unions and our brethren across the country.

In the days ahead, efforts will be intensified to add additional sponsors to the legislation including requesting Sen. Patty Murray, D-Washington and Sens. Ron Wyden, D-Oregon and Jeff Merkley, D-Oregon to join as sponsors.

CUNA is developing strategy on how to best impact a favorable outcome for the legislation, and NWCUA members will be kept up to date on how they can have their voice heard. Read the story that appeared today in the Credit Union Times.