Feds Extend Comment Period on Proposal Reducing Interchange Fees
Posted by John Trull on January 23, 2024
In a recent positive step for credit unions and financial organizations, the Federal Reserve has responded to concerted advocacy efforts by extending the comment period for its proposal on reducing interchange fees. Originally set to conclude on February 12, the deadline has now been pushed to May 12, granting us a crucial extension for further advocacy.
This extension is a direct result of pressure exerted by trades, individual organizations, Congress, and other stakeholders. The extended comment period offers us an opportunity to intensify our advocacy efforts. Key among these efforts will be interchange issue advocacy during Hill meetings at the Governmental Affairs Conference (GAC) and our GoWest Spring Hike the Hill. These platforms provide invaluable opportunities to engage with policymakers, share our perspectives, and influence decision-making processes.
As part of the Spring Hike the Hill, GoWest is working to arrange a meeting with key personnel at the Federal Reserve. This meeting is aimed at further bolstering our advocacy efforts by directly communicating the impact of the proposed interchange fee reductions on our operations and the services we provide to our members.
The additional time allows us to gather more comprehensive data, develop stronger arguments, and mobilize a broader coalition of supporters. We urge all stakeholders to utilize this extended period to share concerns and suggestions with us. Your involvement is crucial in shaping a fair and balanced approach to interchange fees that supports the sustainable growth of credit unions and continues to serve the best interests of your members.
This extension is a clear indication that our voices are being heard. Let’s continue to effectively advocate for a fair and equitable financial landscape.