Thank Lawmakers for Supporting Reg II Stop and Study Efforts 

Your outreach is essential to support our credit union allies in Congress who are working with us to stop the Federal Reserve’s very flawed Reg II proposed rule. The proposed rule would slash debit interchange fees by more than 30%. Last week, CrossState, State Leagues, and America’s Credit Unions supported two Hill-driven efforts to stop and study the proposal:  

A bipartisan group of representatives wrote Federal Reserve Chair Jerome Powell, outlining concerns with the proposed changes to Regulation II.  U.S. House Financial Services Committee Member, Dan Meuser (PA-R), was one of the lead signers of the letter. 

In addition, Rep. Blaine Luetkemeyer (R-MO) introduced H.R. 7531, the Secure Payments Act. If enacted, it would prevent finalization of the Federal Reserve’s Reg II proposal to adjust debit interchange until both a study and quantitative analysis on the impacts of the rule take place. This includes impacts to consumers’ access to low-cost or free checking accounts, fraud prevention, and merchants’ costs of accepting debit cards.   

CrossState welcomed U.S. House Financial Services Committee Member, Dan Meuser (PA-R), and credit union friend, Representative Brian Fitzpatrick (PA-R), as co-sponsors of the legislation. 

CrossState encourages credit unions located in both Representatives Dan Meuser’s and Brian Fitzpatrick’s district to thank them for their support. This is an opportunity to help both these members of Congress stand strong in their support of credit unions as they face retailer attacks trying to force them to withdraw their co-sponsorship. 

Please visit the Grassroots Action Center to send your communication today.  
 
Grassroots Action Center 

An overview of the Reg II Proposal is available for you here. CrossState will be drafting a comment letter to the Federal Reserve on behalf of New Jersey and Pennsylvania credit unions. We encourage credit unions of all sizes to submit comments about the real impact of the Reg II Proposal to Nicola Foggie, CrossState Chief Regulatory Officer.