May 2, 2011
Reuters reports that Rep. Spencer Bachus (R-AL), Chairman of the House Financial Services Committee, encouraged small financial institutions to “go ye to the hill and slay the dragons” with regards to the debate over new debit swipe fee limits.
Financial institutions with less than $10 billion in assets would be exempt from the debit interchange caps under the Federal Reserve’s proposal. Yet many small banks and credit unions have expressed concern that competitive pressures will force their organizations to also accept the new interchange limits. Bachus during the meeting acknowledged the bankers’ concerns.
“You did not cause the problem,” he said. “You were not the tornado. You were the victim.”
The Independent Community Bankers of America has brought together thousands of small banks to lobby lawmakers in Washington to pass bills that would delay implementation of the Fed’s debit proposal. Click here to read more about the ICBA’s latest lobbying efforts.
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