05/15/24

Last week the OBL filed an official comment letter opposing the proposed Reg II interchange cap reduction. In our seven-page comment letter, which can be found here, we expressed our concern for both the substance of the rule as well as the process in which the Federal Reserve proposed the rule. We urged the Federal Reserve to withdraw the rule because the negative effects this proposal would have on the payment system are simply not justified when the end goal is simply to help increase corporate profits for the largest retailers. Thank you to the 155 OBL members that sent your own comment letter through our grassroots link or work directly with the OBL to craft an individual comment letter.