WASHINGTON, DC (January 20, 2015) -- National Association of Federal Credit Unions (NAFCU) Senior Vice President of Government Affairs and General Counsel Carrie Hunt issued the following statement in response to the Supreme Court decision today to deny merchants’ request for review of the appeals court ruling in NACS vs. Board of Governors of the Federal Reserve, which upheld the Fed’s debit interchange rule and rejected arguments that the rule’s debit interchange fee is too high based on the wrong factors.
“NAFCU is pleased the Supreme Court will not reconsider the court of appeals decision in NACS vs. Board of Governors of the Federal Reserve. This will help maintain stability in the marketplace, which is good for consumers and credit union members,” said Hunt. “NAFCU remains concerned that the current interchange cap imposes below-cost caps on interchange fees and fails to provide for a reasonable return for credit unions. We will continue to vigorously support a fair interchange fee for credit unions.”
The National Association of Federal Credit Unions is the only national trade association that exclusively represents the interests of federally chartered credit unions before the federal government and the public.