WASHINGTON — The next round in the dispute between retailers and credit card issuers over interchange fees is scheduled to take place Wednesday, when the House Judiciary Committee marks up a measure that would mandate an interchange settlement between the two groups.
H.R. 5546, the Credit Card Fair Fee Act, would require the negotiation of an agreement on interchange fees between retailers and credit card companies. If they cannot reach an agreement, both sides would have to submit to binding arbitration by a panel of judges appointed by the Department of Justice and the Federal Trade Commission.
CUNA and NAFCU strongly oppose the measure because they contend that additional fees could cause credit unions to stop issuing credit cards, and thus limit consumers' options.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
