Appraisal Management News

Rep. Frank backs ‘swipe’ fee delay

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By MARK DeCAMBRE –New York Post

Rep. Barney Frank has thrown his prodigious political heft behind the backers of a provision to amend the so-called swipe fee rules on debit cards.

Yesterday, the veteran Democratic lawmaker from Massachusetts, whose name is attached to hundreds of sweeping regulatory rules being enacted throughout Wall Street known as Dodd-Frank reforms, said that he’s in favor of delaying at least one of them.

Frank has suggested that he is in favor of halting the so-called swipe, or interchange, rules in order to allow more time to research and study the rules of the amendment introduced by Sen. Richard Durbin (D-Ill.).

The Federal Reserve, which has been tasked with implementing the rules, has already informed lawmakers that it will not be able to meet an April 21 deadline for coming up with a final rule to cap swipe fees.

"For this reason, I support legislative action to postpone the deadline so that we can revisit it," said the House Finance committee member. Frank’s recent statement is a direct nod to Sen. Jon Tester (D-Mont.), who submitted a bill on the floor of the Senate last week seeking a year-long study of the interchange fee rules.

The swipe rules, which are fees that banks charge to retailers on debit transactions, have become a hot button issue between Main Street and Wall Street.

In December, the Federal Reserve stunned banks and set off a lobbying firestorm by proposing to slash swipe fees from 63 cents to 12 cents.

Major financial institutions, including MasterCard, Visa and JPMorgan Chase, have railed against the new rules.

Tester’s bill was attached to a small business bill that the Senate is expected to vote on soon, but exact timing is unclear.

The swipe rules are meant to go into effect by late July.

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Written by appraisalmanagementnews

April 7, 2011 at 6:23 pm

Posted in Dodd-Frank

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