LSCU COOP / Communication & Press Room / News Feed / Top Stories / Senators introduced amendment on Tuesday that would delay debit interchange legislation

Senators introduced amendment on Tuesday that would delay debit interchange legislation

In a effort to further protect credit unions, small financial institutions, and consumers, Sens. Tester (D-MT), Corker (R-TN), Hagan (D-NC), Carper (R-DE), Crapo (R-ID), Blunt (R-MO), Kyl (R-AZ), Coons (D-DE), and Bennet (D-CO) introduced an amendment to the Economic Development Administration Reauthorization Act which would stop, study and start over on debit interchange.

The legislative language that the senators introduced can be found by clicking here.

CUNA also sent a letter to all U.S. Senators on Tuesday (except Sen. Durbin), highlighting the importance of taking time on an issue such as debit interchange fees. CUNA also noted that the Tester-Corker amendment takes into consideration the impact of the Fed's proposed regulation of debit interchange fees on small card issuers and consumers.

The letter can be read by visiting the LSCU MBL and Interchange Resource page.

The vote on the Tester-Corker amendment stands as a crucial piece of legislation for credit unions. There is not a specific time for the vote to occur at this point, but it is likely that a vote may come down as soon as Wednesday morning.

As this legislation is quickly moving toward a vote in the next day or two, it is critical that credit unions continue to contact senators concerning this vote. When calling senators, credit unions should call the Senate offices directly by calling the Capitol Switchboard at 202-224-3121. When credit unions call they should:

  • Make sure to ask the senator or staff member to support the Tester-Corker amendment on debit interchange when the vote comes up
  • Stress the importance/impact this vote and legislation would have on credit unions and their members
  • Leave your name and address with whomever you speak with on the phone

The League will keep you informed as more information becomes available. For credit unions with questions, contact SVP, Governmental Affairs Will McCarty at 800.846.8374, ext. 2137