Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
La. league Interchange outside scope of reform bill
HARAHAN, La. (8/19/10)--Louisiana credit unions and banks reiterated their opposition to recently enacted legislation regulating debit interchange rates. “Louisiana banks and credit unions ask Louisiana’s [lawmakers] to oppose the price-fixing and anti-consumer interchange language adopted by the Senate,” said a letter to the Tri-ParishTimes.com editor published Aug. 18 that was co-written by Anne Cochran, president/CEO of the Louisiana Credit Union League, and Robert T. Taylor of the Louisiana Bankers Association. “The impact of the Senate amendment is not limited to interchange price fixing,” said the letter. “The amendment grants merchants the unlimited ability to discriminate against certain ‘forms of payment.’ This provision is intended to encourage large retailers to enter into preferential arrangements with large institutions, with discounts and incentives for consumers who use these cards. Consumers who carry cards issued by Louisiana credit unions and banks will be out of luck. “Interchange rates had nothing to do with the financial crisis and are outside the scope of this bill,” the letter said. “The bottom line is this: A coalition of large merchants is seeking to reduce overhead costs by shifting the responsibility for the payments system entirely onto issuers and, ultimately, consumers.” To read the letter, use the link.
Other Resources

RSS





print
News Now LiveWire
Overlooked law led to Fourth Corner charter via @denverpost http://t.co/nwjOLlxH2v
1 hours ago
American Banker reporter follows up with CUNA's Schenk on holiday spending survey results http://t.co/T5DmIWUkaM
2 hours ago
CFA/CUNA holiday survey spending plans results http://t.co/uyZtkNfkmD
2 hours ago
CUNA/CFA give holiday spending tips:budget,compare,pay off quickly,save early for next year.
2 hours ago
CFA's Brobeck points consumers to the better rates and fees at #creditunions
2 hours ago