1600 Penn or 101 Main, ineffective small-business policy is on Front Street for NSBA.
On May 15, NSBA joined the Merchants Payments Coalition (MPC) and more than 215 organizations in a letter to express strong opposition to H.R. 8337, the Bank Resilience and Regulatory Improvement Act.
This bill would increase asset thresholds, where, once reached, certain regulatory requirements apply to financial institutions.
NSBA’s opposition on H.R. 8337 is due to Section 101(b) of the bill, which would exempt all financial institutions with assets of up to $50 billion from Federal Reserve Regulation II.
Regulation II places reasonable limits on debit interchange fees that Visa and Mastercard centrally price-fix on behalf of card-issuing financial institutions and that merchants are required to pay on every debit card transaction.
Although NSBA takes no position on the other provisions of H.R. 8337, we stand with the MPC and oppose the legislation in its current form inclusive of Section 101.
Follow NSBA as we continue monitoring this legislation and credit card fees policies coming from Capitol Hill, and read the full letter here.
