Last week, NAACP Washington bureau director Hilary Shelton in a letter to House Speaker John Boehner (R-Ohio) expressed concern that the Fed’s proposed debit interchange fee caps would hurt low-income households and minority consumers. (Read more)
Now, the U.S. Hispanic Chamber of Commerce (USHCC) has echoed the NAACP’s apprehensions regarding the Fed’s proposal in a letter sent to lawmakers on March 13, according to Bloomberg.
“I am concerned that without a thorough examination of the unintended effects of this amendment, the Hispanic community, which relies heavily on debit cards, will suffer a significant burden,” Javier Palomarez, the chamber’s chief executive officer.
Like Shelton, Palomarez worries the new regulations would leave low-income households unable to afford traditional banking services, such as checking accounts.
Click here to read more on the reaction of the NAACP and USHCC to the Fed’s debit interchange fee proposal.
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