Thursday, Sen. John Tester‟s (D-MT) legislation to delay a Federal Reserve rulemaking on interchange fees failed in the Senate by a vote 54-45; six votes shy of the sixty needed to pass the amendment.

While Tester said he would not be abandoning the effort to delay the rulemaking, the amendment‟s lead Republican cosponsor, Sen. Bob Corker (R-TN) said that Congress is unlikely to revisit the delay this year. With the legislative battle seemingly over, stakeholders have eyes on the Federal Reserve. As Viveca Ware, Senior Vice President for Regulatory Policy at the Independent Community Banker of America, said banks are “in a wait and see mode until the Fed rule comes out.” Other stakeholders, such as the Credit Union National Association, are intensifying their efforts to work with the Fed on the final rule and work with payment card networks and processers to create a legitimate two-tiered system in order to ensure real protections for exempted entities.