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Visa announced last week it would end its practice of steering consumers toward its network on point-of-sale terminals, after the Federal Reserve issued guidance in early November saying the practice violated merchants' right to competition.

The Federal Trade Commission was also investigating Visa's steering. The National Retail Federation called on Visa to stop using EMV technology to steer consumers to its processing network earlier this month. Visa said on Wednesday that it will no longer steer the debit EMV transactions to its network.

NAFCU continues to support a repeal of the Durbin amendment – part of the Dodd-Frank Act which requires the Federal Reserve to cap debit interchange fees charged by financial institutions with $10 billion or more in assets. The amendment has reduced costs for retailers but has not resulted in promised savings for consumers.