On June 8, the U.S. Senate defeated the Tester-Corker Amendment, which would have delayed implementation of a Federal Reserve rule that severely limits debit interchange fees. The Amendment would have required the Fed and the NCUA to conduct a six-month study of the impact of the rule, but fell six votes short of the 60 required, 54-45.  Here’s how Michigan’s Senators voted:  Stabenow, aye; Levin, nay.

Now that the Senate has confirmed its support of the Durbin Amendment, the Fed is expected to enact its final rule that will limit debit fees, as mandated by last year’s Wall Street Reform Act. The Act requires the rule to be implemented by July 21, 2011.

If you are a concerned consumer and want to know what you can do next, contact the Federal Reserve to encourage them to protect the interests of consumers by minimizing the impact of this legislation to your financial institution.

Federal Reserve Contact Information:

Board of Governors of the Federal Reserve System
20th Street and Constitution Avenue N.W.
Washington, D.C. 20551
Toll free: 888-851-1920