interchange

The latest effort to move state interchange provisions forward hit a road block last week in the Pennsylvania State Legislature. Lawmakers passed their state budget without any of the interchange provisions that credit unions fought to exclude, then adjourned for the summer. The introduced bill would have excluded interchange from being applied to the state sales tax. …

Pennsylvania legislature adjourns without moving on interchange bill Read More »

As Federal Reserve Chair Jerome Powell testifies before U.S. House and Senate committees this week to present the semiannual monetary policy report, America’s Credit Unions is reiterating credit unions’ strong opposition to the Fed’s debit interchange proposal. President/CEO Jim Nussle wrote to both the Senate Banking Committee and the House Financial Services Committee ahead of …

Opposition to Fed debit interchange proposal continues ahead of Powell HFSC testimony Read More »

Federal regulators—including the NCUA and CFPB—released their Spring 2024 Unified Agenda of Regulatory and Deregulatory Actions, highlighting potential timelines for upcoming agency actions (but not a definitive schedule with specific timelines). The Federal Reserve’s agenda indicates “further action” on its debit interchange proposal in January 2025. America’s Credit Unions strongly opposes the proposal—which would adjust …

Debit interchange proposal, final overdraft rule included in rulemaking agenda Read More »

America’s Credit Unions President/CEO Jim Nussle reiterated credit unions’ strong opposition to the Federal Reserve’s debit interchange proposal in a letter to the Senate Banking Committee Monday. The letter was sent in advance of Fed Chair Jerome Powell’s appearance before the committee Tuesday. The proposal would adjust all three components of Regulation II’s interchange fee …

Nussle to SBC: Fed debit interchange proposal should be withdrawn Read More »

The U.S. Supreme Court ruled Monday that lawsuits against U.S. federal agencies can be filed within six years from when a plaintiff is injured by a regulatory agency action, rather than six years from the action becoming final. The 6-3 decision in Corner Post v. Federal Reserve involved whether a merchant that opened in 2018 …

SCOTUS rules no statute of limitation to file suit against federal agencies Read More »

The Eastern District Court of New York Tuesday issued an order rejecting a $30 billion settlement between U.S. merchants, Visa, Mastercard, and other financial institutions, according to reports. The settlement involves a lawsuit dating back to 2005 over credit card interchange fees and would have resulted in Visa and Mastercard capping credit card interchange fees …

N.Y. court rejects settlement in interchange lawsuit Read More »

Sen. Ted Budd, R-N.C., introduced the credit union-supported Secure Payments Act Tuesday, which would halt implementation of the Federal Reserve’s debit interchange proposal until its impact can be studied. America’s Credit Unions strongly opposes the Fed’s proposal and has called for it to be withdrawn. “Credit unions need access to as many resources as possible …

Senate bill introduced to stop, study Fed debit interchange proposal Read More »

The Federal Reserve’s debit interchange proposal would bring real-world harm to consumers and card issuers of all sizes and should be withdrawn, America’s Credit Unions wrote the Fed in comments filed Friday. The proposal would adjust all three components of Regulation II’s interchange fee cap and calculate it using information weighted towards the cost experience …

Debit interchange proposal will negatively impact consumers, should be withdrawn Read More »

The Senate Wednesday rejected by a vote of 85-12 an effort by Sen. Roger Marshall, R-Kan., to consider unrelated amendments, including the Big Box Bailout bill, to the Federal Aviation Administration (FAA) reauthorization. America’s Credit Unions has led efforts to oppose the Credit Card Competition Act, arguing the legislation to extend interchange routing requirements to …

Senate rejects bid to consider Big Box Bailout with FAA bill Read More »

The Federal Reserve’s proposal to further lower debit interchange fees was the top priority during a meeting between America’s Credit Unions’ Andrew Morris, along with other trade groups, and Federal Reserve Vice Chair Michael Barr Monday.  America’s Credit Unions has met with most of the Fed’s Board of Governors to discuss this proposal.  Morris reiterated …

Voicing credit union Reg II concerns with the Fed  Read More »