News

Interchange fees, CFPB in Rep. Bachus' sights

March 4, 2013

Speaking before the CUNA 2013 Governmental Affairs Conference in Washington, D.C., last week, Rep. Spencer Bachus, R-Ala., told his audience that legislators may take up the subject of interchange fee cap legislation this year according to a report by CUNA News Now.

Earlier the same day, committee chairman Rep. Jeb Hensarling, R-Texas, said he "will not rest" until interchange fee cap provisions are repealed. "Federal price controls were wrong yesterday, federal price controls are wrong today, federal price controls will be wrong tomorrow," Hensarling said of the interchange fee cap.

Bachus said that the structure of the Consumer Financial Protection Bureau is also on the legislative radar. House and Senate members are in serious talks to form a bipartisan commission to govern the bureau, he said. "I think that you will find that approach much fairer and less dictatorial," he said.

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