America’s Credit Unions Senior Vice President of Advocacy Greg Mesack met with Federal Reserve Vice Chair Philip Jefferson Monday to discuss the Fed’s debit card interchange proposal. America’s Credit Unions strongly opposes the proposal, and has pushed back on it with a multipronged approach that includes meetings with both staff and Board members at the Federal Reserve.
The proposal would make changes to update all three components of Regulation II’s interchange fee cap based on the latest data reported to the board by large debit card issuers.
This is the third time this year that America’s Credit Unions has met with the Fed to voice concerns about this proposal. The organization has also offered support for legislation to stop implementation of the rule until its impact can be studied, wrote to the House and Senate Committees before Federal Reserve testimony outlining the many negative impacts of the proposal, and released an updated “Myth vs. Fact” flyer to policymakers educating on common debit interchange misconceptions. America’s Credit Unions will continue to engage the Fed on this issue and advocate on behalf of credit unions.
Comments on the Fed’s proposal are due May 12, and America’s Credit Unions continues to collect data and other information in preparation to submit feedback from member credit unions.
America’s Credit Unions will continue to engage the Fed on this issue and advocate on behalf of credit unions.
