While CUNA and other groups are urging Congress to delay the implementation of the Fed's interchange rule, the trade group is now also asking the Fed for a two-year delay on the provisions for exclusivity arrangements and routing restrictions.
CUNA President/CEO Bill Cheney on Monday wrote Federal Reserve Chairman Ben Bernanke and noted that while Congress required the Fed to prescribe rules regarding these provisions, there is no specific deadline for them to take effect.
By contrast, Cheney noted, the law requires the provisions regarding rate standards to take effect by July 21.
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