Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
House committee may vote on interchange fees next week
WASHINGTON (6/17/08)—The House Judiciary Committee may vote as early as next week on a bill that would allow government intervention in setting interchange rates and fees, legislation that is strongly opposed by the Credit Union National Association (CUNA). The legislation, known as the Credit Card Fair Fee Act (H.R. 5546), has a companion bill (S. 3086) of the same name pending action in the Senate. Additionally, Rep. Peter Welch (D-Vt.) last week introduced a bill to require credit card companies to disclose their interchange rates, terms, and conditions to consumers and businesses. CUNA will continue to work closely with all members of the Electronic Payments Coalition to oppose legislation that would regulate interchange fees, CUNA vice president of legislative affairs, Ryan Donovan, said Monday. The Credit Card Fair Fee legislation would set up a three-member panel of lawyers appointed by the U.S. Department of Justice and the Federal Trade Commission (FTC) to settle fee disputes between merchants and card providers. Welch’s bill stops short of that requirement, but would empower the FTC to review interchange rates and rules and prohibit practices it determines violate consumer protection of anti-competition laws.


RSS





print
News Now LiveWire
Watching #SuperBowlXLIX this Sunday? Look for regional #creditunion #commercials @CltMetroCU @BECU @golden1cu #Seahawks #Patriots
7 hours ago
Philadelphia's American Bakery Workers FCU liquidated by @TheNCUA; @trumarkonline assumes shares
8 hours ago
More branch shutterings by @Citi: 4th-largest bank to close 10% of #Chicago area branches HT @CrainsChicago http://t.co/2vAvgucLY5
8 hours ago
56% struggle with subprime credit scores says @cfed survey HT @washingtonpost http://t.co/RHmMvuhNtw
9 hours ago
How to use social media for crisis communications Feb. 10 webinar from @SBAgov, @AgilityRecovery http://t.co/d16t8RHr7n
9 hours ago