Supporting Senate bill to halt the Fed debit interchange rule

We were proud to support the introduction of a Senate bill this week to halt implementation of the Federal Reserve’s debit interchange proposal until its impact can be studied. Thank you to Sen. Ted Budd, R-N.C., for his leadership this week, which followed introduction of the House version back in March.

We’ve highlighted the flaws in the Fed’s data and methodology since the proposal was released and we believe its massive changes to the debit interchange cap deserve a comprehensive study into its effects at the very least.

The fact is debit interchange restrictions limit credit unions’ resources, resources that otherwise go to serving members. We have more than a decade of evidence post-Durbin Amendment that these price caps harm consumers.

We were proud to write in support of the legislation this week—along with the Carolinas Credit Union League and credit unions. We also launched an action alert to thank bill sponsors for their leadership on this issue, and to encourage additional co-sponsors.


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