NAFCU remains vigilant on interchange ruling aftermath
NAFCU Senior Vice President of Government Affairs and General Counsel Carrie Hunt
Aug. 21, 2013 – A federal district court judge will hear from the Federal Reserve today on the feasibility of issuing an interim final rule reducing the federal debit interchange fee cap and revising network requirements in light of the court’s July 31 ruling vacating the Fed’s current rule.
Carrie Hunt, NAFCU’s senior vice president of government affairs and general counsel, provided members a thorough overview of last week’s hearing in a video report; another is planned to brief members on results of today’s hearing.
In a statement on the day of the ruling, Hunt said, “As it stands, the Court's ruling will have an irreparable, detrimental impact on credit unions' ability to ensure their members receive the services they need. We are reviewing it to determine our next steps."
NAFCU is in contact with NCUA, the Fed and lawmakers on the federal ruling’s impact on credit unions of all sizes. NAFCU President and CEO B. Dan Berger has written the House Financial Services and Senate Banking Committees to urge them to be ready to act expeditiously if needed to mitigate that impact.
Video on interchange hearing