Monday, December 13, 2010 11:53:33 AM
WASHINGTON - The Federal Reserve Board announced that it will consider its interchange proposal at its December 16 meeting. The meeting will be Webcast live. The Fed's announcement, which includes information on the Webcast, is available at: http://www.federalreserve.gov/newsevents/press/other/20101210a.htm
No one outside of the Fed, except possibly key leaders in Congress and the administration, knows how the Fed proposes to handle the complex issues presented under the Durbin interchange amendment.
It is believed the proposal will have a short comment period due in large part to the April 21, 2011 statutory deadline for the final rule to be in place.
CUNA has already done a considerable amount of work on the issue through its Interchange Working Group. Once the proposal is released, it will work closely with leagues, credit unions, and outside consultants to coordinate a strategy for dealing with the proposal, including comments to the Fed, weighing in with other important policymakers, and considering potential legal action.