New Interchange Approach Announced by Senators

It is essential that credit unions contact their federal representatives to support the new interchange initiative announced by Senators Tester (D-MT) and Corker (R-TN).

The senators are expected to add an amendment to a bill that reauthorizes the Economic Development Administration, an office within the Commerce Department, which focuses on jobs growth.

Since a vote on this amendment is likely to occur in the next 24-48 hours, the best thing to do is to call the office directly through the Capitol Switchboard: 202-224-3121.

Ask the operator for your senators’ office and please tell your senator or his/her staff:

  • As a credit union member, I ask you to support the Tester-Corker amendment on debit interchange when it comes up for a vote this week;
  • This is a key vote for credit union members; and
  • Make sure you leave your name and address with whoever answers the phone.

Tester-Corker Amendment
The Tester-Corker amendment would delay the Federal Reserve’s rule for about 12 months, and require a six-month study of the impact of interchange fee regulation on consumers, merchants, and financial institutions by the Federal Reserve, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and National Credit Union Administration.  

The Federal Reserve would have to write new rules if two of the four reviewers concluded that the rule does not take into consideration: all costs of operating a debit card program; consumers are adversely affected; or the small issuer exemption does not work.

The amendment is also expected to include a review debit interchange market every two years to see if the exemption works.

Please take action today and call the office directly through the Capitol Switchboard: 202-224-3121!

 

Questions? Contact a member of the Association’s Legislative Affairs team:

Jennifer Wagner, Director of Legislative Advocacy
Mark Minickiello, Vice President, Legislative Affairs
Stacy Augustine, Senior Vice President & General Counsel

Posted in Advocacy News, Federal.