CrossState Joins Trade Letter to Cleveland Federal Reserve on Interchange
CrossState and other trade groups, representing nearly all financial institutions in the Federal Reserve’s 4th district, wrote to the Federal Reserve’s in opposition of a proposal to lower the caps in Regulation II. The proposal will make cut interchange that financial institutions need to facilitate debit transactions from customers’ deposit accounts. The Federal Reserve’s 4th district encompasses Kentucky, Ohio, Pennsylvania, and West Virginia.
The letter asks President and Chief Executive Officer of the Federal Reserve Bank, Loretta Master, to contact the Board of Governors and urge them to reconsider their decision to promulgate this Notice of Proposed Rulemaking. The letter also asks the Board of Governors to grant the industry’s reasonable request for a 90-day extension of the comment period and a meeting to discuss this issue in more detail.