NAFCU Launches Grassroots Program on Interchange Fees
NAFCU is launching efforts in the districts of eight members of the House Financial Services Committee to persuade them to oppose a measure that would allow the government to control interchange fees.
The effort will involve 100 federal credit unions with almost 1 million members in those districts to urge those lawmakers to oppose the legislation. NAFCU says that if the legislation is passed it would result in higher costs to businesses for card transactions, and fewer services.
The bill, which the House Financial Services Committee is likely to consider later this year, requires credit card issuers to negotiate with merchants and retailers for the fees paid on credit card transactions.
"Today, credit unions can offer members credit cards at reasonable rates. Interchange fees are necessary to cover the costs of a number of functions related to the credit card accounts, including card replacements in the case of retailer data breaches or identity theft, which continue to rise," NAFCU Senior Vice President B. Dan Berger said in a statement.
NAFCU's focus will be on the districts of these members: Shelley Moore Capito, (R-W.Va.), Travis Childers, (D-Miss.), Bill Foster, (D-Ill.), Jim Gerlach, (R-Pa.), Jim Himes, (D-Conn.), Paul Hodes, (D-N.H.), Dan Maffei, (D-N.Y.) and Walt Minnick, (D-Idaho).