CUNA President and CEO Dan Mica on Judiciary Committee vote on Interchange Fee Bill

July 16, 2008

FOR IMMEDIATE RELEASE
Contact: Patrick Keefe -- (202) 508-6765
pkeefe@cuna.com

The close, 19-16 vote in the Judiciary Committee today for the Interchange Fee bill (HR 5546, the “Credit Card Fair Fee Act”) indicates that this measure may have run its course, at least for this Congress. With such little time left for congressional action, and with other key measures waiting their turn, the bipartisan opposition – split 50-50 – to the bill makes it difficult to imagine such controversial legislation can proceed much, if at all, further in the House for this Congress. As for the “opt out” provision for credit unions, we appreciate Chairman Conyers’ efforts to address credit union concerns with the bill. He was clearly listening to the significant concerns expressed loudly by credit unions. However, we also believe that the so-called “opt out” has some very practical shortcomings that make it, essentially, unworkable for credit unions. In any circumstance, we do not assume HR 5546 is dead, and we will remain active on the Hill in beating the legislative drums against floor consideration and passage. HR 5546 is not necessary for credit unions and will work against consumers in the long run. We will continue to oppose it.

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