Saying that that more information is needed on the unintended consequences of capping interchange fees, Rep. Shelley Moore Capito last night introduced legislation that would delay the implementation of the Fed’s interchange rule by one year.

Rep. Shelley Moore Capito (R-W.Va.) plans to introduce later today a bill that would delay the implementation of the Federal Reserve’s debit interchange rule by one year.

Sen. Jon Tester (D-Mont.) said that the bill he introduced today to delay the implementation of the Fed’s interchange rule is “going to help small banks, credit unions and consumers.”

David Stevens, the director of Federal Housing Administration, was named the president/CEO of the Mortgage Bankers Association today.

Sen. Jon Tester (D-Mont.) introduced legislation today calling for a two-year delay in the implementation of the Federal Reserve’s rule on debit interchange and a study of the issue.

Key Republicans on the House Financial Services Committee are concerned that the Obama administration’s proposed settlement with mortgage servicers could require the servicers to write down mortgage principles in certain cases.

Community banks could lose money and consumers could have to pay higher fees if the Federal Reserve implements its debit interchange proposed rule as is, FDIC Chairman Sheila Bair wrote Federal Reserve Chairman Ben Bernanke.

Saying it will be the “start of a robust discussion,’’ on the set up of the Bureau of Consumer Financial Protection, House Financial Institutions and Consumer Credit Subcommittee Chairman Shelley Moore Capito announced an oversight hearing next Wednesday.