House Banking Committee Chairman Barney Frank clearly told thousands assembled at CUNA’s GAC in DC this week that he has no intention of his committee pursuing restraints on interchange earned by card issuers this year.
In a 11/19/09 Government Accountability Office report ordered by Congress it was reported that “merchants would benefit from lower interchange fees,” but that “consumers would also benefit if merchants reduced prices for goods and services, but identifying such savings would be difficult. Consumers also might face higher card-use costs if issuers raised other fees or interest rates to compensate.”
Read the full story of Frank’s comments to credit unions as reported by Bloomberg.com.
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