April 6, 2011
News reports state that the bill to delay implementation of the Federal Reserve’s debit interchange proposal could come to a vote within a week, according to the Electronic Transactions Association.
The “Debit Interchange Fee Study Act of 2011,” introduced by a bipartisan collation of nine lawmakers led by Sen. Jon Tester (D-MT), may be integrated into the Small Business Reauthorization Act that is presently being debated, according to the news reports.
“The moves comes on the heels of a letter distributed to two lawmakers by Federal Reserve Chairman Ben Bernanke, informing them that the Fed would not be able to meet an April 21 deadline for coming up with a final rule to cap debit interchange fees,” writes the ETA’s Tom Goldsmith.
The “Debit Interchange Fee Study Act of 2011” advocates holding off on any debit interchange regulation by the Federal Reserve Board for two years to allow for further examination of the proposed rules. The bill requires many banking regulatory agencies to study the debit card sector and the potential effects of regulations on consumers, small businesses, low- and moderate-income individuals, among other matters. The “study agencies” include the Federal Reserve Board, the Office of the Comptroller of the Currency, the FDIC and the National Credit Union Administration.
A copy of the bill can be found on Sen. Tester’s website.
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