RILA Comments on OCC Interim Final Rule regarding National Bank Non-Interest Charges and Fees

The Merchant Advisory Group (“MAG”), the Retail Industry Leaders Association (“RILA”), and the National Restaurant Association (“NRA”) submit this comment in opposition to the Office of the Comptroller of the Currency’s (“OCC”) proposed Interim Final Rule regarding National Bank Non-Interest Charges and Fees (the “Interim Rule”). By permitting national banks to bypass negotiations with merchants and delegate interchange rate setting to card networks like Visa and Mastercard, the Interim Rule enables anticompetitive conduct. Moreover, the OCC lacks statutory authority to issue the Interim Rule, because it violates both the National Bank Act (“NBA”) and the procedural requirements of the Administrative Procedure Act (“APA”). The MAG, RILA, and the NRA respectfully urge the OCC to reject the Interim Rule.