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Washington
Tester urges CU on to fight interchange
WASHINGTON (3/3/11)--Sen. Jon Tester (D-Mont.) said the credit union community must urge Congress to reopen the subject of interchange fees. “I think you should suggest Congress needs to stop and study,” he told Credit Union National Association members attending the 2011 Governmental Affairs Conference Wednesday. “The stakes are too high for credit unions and community banks.” Tester, a member of the Senate Banking Committee, said he opposed the interchange fee legislation when it was approved by the Senate. “I opposed [the legislation] because I know how much damage will result for credit union members,“ he told the session. The senator said that if credit unions and other opponents do not defeat the interchange fees, it will lead to further industry consolidation.


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