Kevin Sullivan, Staff
According to the proposed rule, the allowable costs for interchange would be limited to no more than the issuer’s allowable cost divided by the number of electronic debit transactions on which the issuer received or charged an interchange transaction fee in the calendar year. Or the issuer could receive debit interchange capped at 12 cents per transaction.
Credit unions’ efforts to delay the Federal Reserve’s rule regulating debit interchange fees by up to a year came up short June 8, 2011 as the Senate defeated an amendment by Senator Jon Tester (D-Montana) and Bob Corker (R-Tennessee). The measure received 54 votes, 6 short of the 60 needed. There were 45 senators who opposed it.
The vote capped a year-long battle between financial institutions and retailers over the fees that retailers pay every time someone swipes their debit card. The financial overhaul bill passed last year contained an amendment sponsored by Senate Majority Whip Dick Durbin (D-Illinois), which mandated that the Federal Reserve write a rule on interchange fees. Durbin’s amendment passed last year.
The Federal Reserve’s rule is supposed to take effect on July 21, 2011. It issued a draft rule in December and a final rule was to be issued in May, but was delayed. For more information please contact a Financial Institutions Group specialist at 248.244.3110.
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