WASHINGTON—The May 12 comment deadline is approaching for the Federal Reserve’s debit interchange proposal, America’s Credit Unions is reminding, noting its opposition to the legislation.
“This issue is as important as it gets when it comes to making sure the unified credit union voice is heard. It’s crucial we provide the Fed detailed, data-backed feedback on how this proposal would impact service to consumers, especially underserved consumers,” said America’s Credit Unions President/CEO Jim Nussle. “Placing barriers in front of affordable financial products and services is never good policy, and we need to make that clear.”
The Proposal
The Fed’s proposal:
- Includes a reduction in base fees from 21 cents to 14.4 cents, a decrease in the ad valorem component from five basis points to four basis points, and a fraud adjustment increase from one cent to 1.3 cents
- Would automatically, without notice and comment, update each component of the cap every two years moving forward based on reported issuer costs
Comments can be submitted to the Fed via the Fed’s Electronic Comment form or by email at regs.comments@federalreserve.gov. If submitting by email, include the docket number [Docket No. R-1818] in the subject line of the message.
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