WASHINGTON—A number of financial trade groups that include NAFCU and CUNA have requested a 90-day extension to the Federal Reserve’s notice of proposed rulemaking (NPRM) regarding Debit Card Interchange Fees and Routing (Regulation II).
According to the organizations, the NPRM would substantially reduce the interchange fee cap and permit the board to amend the interchange fee cap every two years without engaging in a notice and comment rulemaking process.
The groups are arguing that “complicated” proposals such as this require “thorough analysis of the data,” and that the “impact of permitting future amendments to Regulation II that are not subject to the notice and comment rulemaking process.”
In addition, the trade groups said the Fed has not released the underlying disaggregated data and empirical analysis they rely on and without it, “it is difficult to replicate the analysis in any meaningful way, significantly hindering the public’s ability to comment on the methodology proposed. Such disclosure is consistent with the bedrock principles of administrative law.”
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