PA Congressional Members Join Stop & Study Legislation and Letter to the Federal Reserve 

Rep. Brian Fitzpatrick (PA-R) joined original co-sponsor, U.S. House Financial Services Committee Member, Dan Meuser (PA-R), on the Secure Payments Act, H.R. 7531, that would prevent the finalization of the Reg II proposal at the Federal Reserve until the following takes place: 

Conduct a study of the impacts of the rule on:  

• Consumers, particularly on their access to free or low-cost checking accounts; 
• The ability for financial institutions to prevent fraud; and  
• Merchants’ costs from accepting debit cards. 

Conduct a quantitative impact analysis of the impacts of the rule on:  

• The availability of debit and banking products to low-income communities; and 
• The impact on small depository institutions. 

In addition, Rep. Dan Meuser (PA-R) signed onto Reps. Nikema Williams (GA-D) and Blaine Luetkemeyer’s (MO-R) Letter to the Fed outlining concerns on how proposed changes to Regulation II could undermine significant progress in bringing low- and moderate-consumers into the mainstream banking system. Read the Letter. 

The Association would like to thank Reps. Meuser and Fitzpatrick for their leadership on behalf of consumers and community financial institutions like credit unions. 

Interchange and changes to Regulation II were front and centered last week during the 2024 GAC. Thank you to Pennsylvania and New Jersey credit unions for gaining the attention of their members of Congress on these issues, and other legislative priorities of importance to credit unions.