The Federal Reserve extended the comment deadline on its interchange proposal to May 12, an additional 90 days past the original Feb. 12 deadline. CUNA and NAFCU — prior to the formation of America’s Credit Unions — requested the Fed extend the deadline to give stakeholders adequate time to analyze the data underlying the proposal and present their own.
The proposal would 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.
“We welcome the additional time to analyze data provided by the Fed and gather current and historical data to support our very serious issues with this proposal,” said America’s Credit Unions President/CEO Jim Nussle. “We remain strongly opposed to any regulatory or legislative efforts to exert additional government controls into the current interchange system, and the data will back up our concerns.”
The Fed also published additional data related to the interchange fee cap based on cost and transaction volume information that covered issuers are required to report to the Fed through the Debit Card Issuer Survey.