Debit Interchange Legislation Update

Thank You For Your Support

O

n June 8, the U.S. Senate defeated legislation to delay implementation of a Federal Reserve rule that severely limits debit card interchange fees charged to merchants for debit services by card issuers including RCU. The legislation would have required a six-month study of the impact of the rule, which RCU supported, as we are concerned about the negative impacts of this legislation to Members, consumers and to RCU. The Fed is expected to enact the debit interchange fee cap ruling by July 21, 2011.

Despite this bill’s defeat, we thank those of you who reached out to your lawmakers to support the credit union industry's position on this important legislation. We encourage your continued support by contacting the Federal Reserve to ask them to protect the best interests of consumers by minimizing the impact of this legislation to your financial institution--their contact information follows:

Board of Governors of the Federal Reserve System
20th Street and Constitution Avenue N.W.
Washington, D.C. 20551
Toll free: (888) 851-1920

Thank you again for your continued support!

Best regards,

Brett Martinez

President & CEO