The provisions giving the Federal Reserve the right to set interchange fees came a step closer to reality last night when Senate members of the House-Senate conference committee on financial overhaul accepted an offer made by House conferees.
The interchange language, which is strongly opposed by CUNA and NAFCU, contains most of the original amendment that was passed by the Senate when it passed the financial overhaul bill last month. Under the House's offer, The Federal Reserve would still have the power to regulate interchange fees though credit unions and banks with assets of $10 billion or less would be exempt and retailers would be expressly forbidden from discriminating among card types.
NAFCU President/CEO Fred Becker said the presence of the interchange language means that his association will oppose the bill.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- 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
© 2025 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.
