NAFCU statement on the Federal Reserve’s decision to reexamine Reg II
WASHINGTON, DC (May 10, 2021) — The National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement after the Federal Reserve announced its intent to revisit Regulation II – which covers debit card interchange fees and network routing exclusivity:
“The Federal Reserve’s decision to reopen Regulation II for comment, even for the purpose of ‘clarification,’ does little to aid American consumers who have yet to see the interchange promises of merchants realized in the form of lower prices,” said NAFCU President and CEO Dan Berger.
“Interchange caps introduced by the Durbin Amendment have only rewarded merchants who now want to distort the competitive landscape further by restricting credit union members’ freedom to use the safe, affordable, and innovative payment options they want.”
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.