News

Administration not taking sides in interchange issue

May 26, 2010

While credit unions hope to stop further regulation of interchange fees, they will have to do it without the support of the Obama administration.

"We frankly haven't taken a formal position on it," Assistant Treasury Secretary for Financial Institutions Michael Barr told reporters at a briefing today,according to The Credit Union Times.

CUNA and NAFCU are trying to kill the amendment, which would authorize the Federal Reserve to ensure debit card fees are "reasonable and proportional." Credit unions and community banks with assets of under $10 billion are not included.