Categorized | Business

Akaka seeks delay of debit-card regulations


U.S. Sen. Daniel K. Akaka (D-Hawaii) has announced his cosponsorship of the Debit Interchange Fee Study Act of 2011 (S. 575).

The bill, authored by Sen. Jon Tester (D-Montana), would delay implementation of the Federal Reserve’s proposed regulations of debit-card interchange fees while the potential impacts are studied.

Akaka voted against the provision that requires this proposed regulation when it was adopted as an amendment to the Wall Street Reform and Consumer Protection Act last year.

“I am concerned that the proposed debit card transaction fee changes could make it more difficult for Americans to access bank and credit union accounts,” Akaka said. “Without access to mainstream financial products and services, families are vulnerable to unscrupulous lenders, high fees for check cashing, and other fringe financial providers. I believe we need to further study the potential impacts of this new regulation before making this major change.”

Akaka is a member of the Senate Committee on Banking, Housing, and Urban Affairs.

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