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Washington
CUNAs Magill covers interchange fight in iWSJi
WASHINGTON (4/25/11)--Credit unions have been “extremely busy,” working on a grassroots push to delay the implementation of interchange fee changes, Credit Union National Association (CUNA) Senior Vice President of Legislative Affairs John Magill told The Wall Street Journal last week. The Journal item covered lobbying efforts in the wake of Dodd-Frank Act. Magill said that CUNA’s top priority “has been building support for legislation to delay the debit-card [interchange] rule.” The interchange provisions could lower the maximum fee charged per debit card transaction to 12 cents. Credit unions and other small institutions with assets of $10 billion and under would be exempt from the terms of the regulations, but many argue that this proposed exemption will not work as planned. The interchange regulation is expected to be released before its July 21 effective date. In the meantime, CUNA and credit union backers nationwide are working to grow support for House and Senate legislation that would delay implementation of the regulations. The separate House and Senate bills, which were introduced earlier this year by Rep. Shelley Moore Capito (R-W.V.) and Sen. Jon Tester (D-Mont.), respectively, would also order a study of the interchange cap’s impact on consumers, financial institutions and merchants. Credit union supporters are working in home districts to urge their legislators to support a delay, and CUNA and the leagues' own legislative advocacy actions have helped credit unions generate nearly 150,000 contacts to Congress. Interchange legislation has also been challenged in the courts, with TCF National Bank bringing its own suit against the Federal Reserve. (See related story: April 21: State of the interchange rule)


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