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CUNA trades file anti-interchange amicus brief
WASHINGTON (3/14/11)--The Credit Union National Association (CUNA) on Friday joined several other financial trade associations, as expected, in filing a statement in support of TCF National Bank's (TCF) lawsuit against the debit card interchange fee provisions of the Dodd-Frank Act. A federal court granted the “amicus brief” request last week. CUNA is joined in the statement by The Clearing House Association L.L.C., American Bankers Association, Consumer Bankers Association, The Financial Services Roundtable, Independent Community Bankers of America, Midsize Bank Coalition of America, and the National Association of Federal Credit Unions. The TCF filed suit last October, alleging that portions of the Dodd-Frank Act that would require the Federal Reserve Board to set restrictions on card swipe-related debit card fees are unconstitutional. The bank argues that the Fed's implementation plan restricts a financial institution’s ability to recover costs associated with providing the debit card service. CUNA and the other groups are backing TCF in an effort to explain the detrimental effect that the Fed's interchange provisions would have on the "stability of the electronic payment structure that undergirds literally trillions of dollars of our economy, as well as the serious constitutional issues the (Fed's) action raises." The Fed proposal could cap interchange fees at as little as seven cents per card transaction. The Fed is expected to release a final interchange fee proposal in April, and that proposal should be enacted in July. CUNA and others have urged Congress to take time to further study the various issues that the interchange changes could create for consumers and financial institutions.


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