WASHINGTON — Bankers lost the Senate fight over interchange fees, but they are hoping the vote will help convince the Federal Reserve Board to raise its proposed 12-cent cap.

A measure by Sen. Jon Tester, D-Mont., to delay the debit interchange rule garnered 54 votes — six shy of the 60 necessary — but still sends a strong signal to the central bank that its December proposal was overly harsh.

Register or login for access to this item and much more

All Bank Investment Consultant content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access