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Durbin and Welch call on Federal Reserve to lower debit interchange rates

Mon, Jul 29, 2013

Washington, District Of Columbia

In a letter dated July 26, Senator Dick Durbin (D – IL) and Congressman Peter Welch (D – VT) call on the Federal Reserve Board of Governors to take further steps to lower debit interchange rates.  This latest push by Durbin and Welch comes on the heels of a proposal by the European Commission that would regulate and cap debit interchange fees at 0.2% and credit interchange fees at 0.3%.  In their letter, Durbin and Welch call on the Federal Reserve to review the proposal by the European Commission and “incorporate the Commission’s analysis and recommendations, including its 0.2% debit interchange cap” when setting the standards for debit transactions in the United States.

MDDCCUA will be continually monitoring any developments with regards to interchange fees.  In the meantime, should you have any questions, please contact Ricardo Pineres (rpineres@mddccua.org).