MI SR0014

Urges Congress to stop or delay implementation of Section 1075 of the Wall Street Reform and Consumer Protection Act to allow statutory changes ensuring institutions with less than $10 billion in assets remain exempt from debit interchange fee regulations without consequence.

Expresses concern that Federal Reserve Board's debit interchange fee regulatory proposal (Docket No. R-1404) lacks provisions to enforce the small issuer carve-out and could increase consumer costs and limit consumer choice.

Notes that small issuers rely on debit interchange fees to provide free checking services and cover fraud prevention and data security costs, and inability to recover these costs could force them to stop offering debit services.

Directs transmission of the resolution to the President of the United States Senate, Speaker of the United States House of Representatives, and Michigan's congressional delegation.