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Follow House subcommittee interchange hearings online today

Financial Institutions and Consumer Credit Subcommittee Chairman Shelley Moore Capito (R-WV) announced that the subcommittee will hold a hearing to review the Federal Reserve’s proposed rule on interchange fees. The hearing will take place on Feb. 17 at 10 am.

Subcommittee Chairman Capito said, “As Chairman of this subcommittee, it is my intent to hold vigorous hearings on the oversight of the implementation of Dodd-Frank and the effect it will have on consumers. I look forward to hearing from the Federal Reserve about their methodology in developing this rule affecting the processing of electronic debit payments. More importantly, I look forward to hearing from industry witnesses from both financial institutions and merchants so they can share their stories about the Federal Reserve rule, as well as the electronic payment system. At the end of the day, all of our constituents will be affected in some way by this proposed rule and we must ensure the outcome is in their best interest.”

The Dodd-Frank Act included a provision authored by Sen. Richard Durbin (D-IL) that directed the Federal Reserve to issue rules on the cost charged on debit card processing. The hearing, entitled “Understanding the Federal Reserve’s Proposed Rule on Interchange Fees: Implications and Consequences of the Durbin Amendment,” will examine the potential impact of the Federal Reserve’s proposed rule to cap debit card swipe fees.

Credit unions will be represented by Allied CU President Michael Frank. Allied CU is based in Stockton, CA. To follow the hearing online, visit the Committee on Financial Services homepage. The webcast icon is in the upper right.

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