CUNA and NAFCU said Wednesday's defeat of an amendment by Sens. Jon Tester (D-Mont.)and Bob Corker (R-Tenn.) to delay the implementation of the Federal Reserve's rule regulating debit interchange fees would hurt credit unions and other financial institutions.
The failure to pass the measure, which received 54 votes, six short of the 60 needed under Senate rules, "is going to create a train wreck that will affect every consumer with a debit card,'' CUNA President/CEO Bill Cheney said in a statement.
"Much as they would prefer not to, credit unions will have no recourse but to make up these costs by imposing new fees or service restrictions on their members. How are consumers better off under this scenario? The plain fact is they are not,'' he added.
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
© 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.
