WASHINGTON (6/2/10)—Credit Union National Association (CUNA) President/CEO Dan Mica continues to urge credit unions to act now and to act in numbers to fight the adoption of interchange amendments to a final financial regulatory reform package. In a new video produced Monday, Mica issues an urgent call for credit union action against an amendment in the Senate reform package that would direct the Federal Reserve to issue regulations to govern interchange fees charged for debit card transactions. The House version of the bill has no interchange amendment and CUNA is fighting to keep it out of a final bill. Mica warns that the fight against the interchange provision is a tremendous uphill battle. But he adds that the modification in interchange rules would be very costly to credit unions without any mitigating benefits to consumers. “The chances of getting this done are not good,” Mica says candidly. But, he strongly urges, “We have no choice, no choice, but to let Congress know how strongly we are opposed the interchange amendment.” Mica urges credit unions to:
* Use the Memorial Day District Work Break to contact federal lawmakers in their home districts; * Light up the phones in lawmakers’ offices with calls in opposition to the interchange provisions; * Send emails in opposition; * Join CUNA in Washington June 8-9 for a national Hike the Hill.
Use the link below to view the video call to action and to access resources on the interchange issue.