The NAACP this week urged further examination of the impact of the proposed debit card interchange regulation on consumer welfare, according to the Wall Street Journal.
NAACP Washington bureau director Hilary Shelton in a letter to House Speaker John Boehner (R-Ohio) expressed concern that the new rules might prevent low-income households and minority consumers from being able to affording checking accounts and other standard financial services. Shelton felt that the regulation “should be further examined fully to ensure that it does not have a negative impact on the communities it was meant to help.”
Sen. Jon Tester (D-MT) and other lawmakers are working on a bill that would delay the new debit card swipe fee caps.
Click here to read more excerpts from the NAACP’s letter.
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