NAFCU Defends Members, Consumers in Debit Interchange Fee Case
WASHINGTON, DC (August 28, 2013) — The National Association of Federal Credit Unions (NAFCU) today joined in filing an amici brief, with other financial trade organizations, on whether or not the Federal Reserve should issue an interim or expedited rule per Federal Judge Richard Leon’s request in his debit card interchange fee ruling.
NAFCU staunchly advocates keeping the status quo in place to avoid uncertainty and confusion in the financial marketplace with a new interchange rule. “Interchange is an enormous issue for credit unions and an interim or expedited rule could have devastating effects on credit unions ability to serve their 96 million members,” said NAFCU Senior Vice President of Government Affairs and General Counsel Carrie Hunt. “Ultimately, consumers will pay the price if there is unpredictability in the marketplace. “
In the amici brief, NAFCU argues:
- the court lacks the authority to require the Fed Board to issue an interim or expedited rule;
- the court should not require an interim or expedited rule and rushing to do so will harm all parties involved, including consumers, and will threaten the current electronic debit card payments system; and
- an order requiring the Fed to issue an interim or expedited rule will likely lead to more litigation.
The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public.