NAFCU Statement on Stay Ruling by D.C. U.S. District Court
WASHINGTON, DC (September 20, 2013) — National Association of Federal Credit Unions (NAFCU) Senior Vice President of Regulatory Affairs and General Counsel Carrie Hunt issued the following statement regarding today’s decision by U.S. District Court Judge Leon to keep a stay in effect during the appeal of his ruling to vacate the Federal Reserve’s debit interchange rule:
“NAFCU staunchly advocated for keeping the status quo to avoid confusion with a new interchange rule. Interchange is an enormous issue for credit unions, and an interim or expedited rule could have had catastrophic effects on credit unions’ ability to serve their 96 million members.”
The stay was requested by all parties pending the appeal of Leon’s July 31 ruling. The stay and current interchange rules will remain in place until a decision on the appeal is issued.
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.