Payment News

Credit unions all over the United States had a big victory Thursday, July 29, 2010 when during the night the Senate committee approved an amendment to get rid of certain provisions that would have limited interchange rate on government credit card transactions. Because of the amendment, a particular bill that is key which was included within the provision mandated interchange fees on government credit card transactions not to be any higher than the lowest market rates, currently, was struck down by majority vote.

The amendment was drafted by Senator Susan Collins, Republican from Maine, and was approved by the Senate Appropriations Committee to strike down the provision that was put in by Richard Durbin, Democrat from Illinois, to limit the fees on interchange for government credit cards transactions.

Source: Credit Union Times