Bill to Delay Debit Interchange Introduced in the Senate (Misc News: March 15, 2011)
Legislation has been introduced in the U.S. Senate to delay implementation of the Federal Reserve Board’s proposed rule on debit interchange resolution, according to CUNA.
In an e-mail to league communicators and executives, CUNA President/CEO Bill Cheney said Sens. Jon Tester, D-Mont., and Bob Corker, R-Tenn., were joined by seven of their colleagues in sponsoring S. 575 to delay implementation of the rule for two years and study the impact on consumers and small issuers. The co-sponsorers are Sens. Thomas Carper, D-Del., Christopher Coons, D-Del., Ben Nelson, D-Neb., Patrick Toomey, R-Pa., Jon Kyl, R-Ariz., Mike Lee, R-Utah, and Pat Roberts, R-Kan.
A House version was expected to be introduced this afternoon. CUNA plans to issue a formal statement in response to the bills as well as an outline for the next steps for grassroots action after the House bill is introduced.