The Pennsylvania Credit Union Association is urging its member credit unions to contact their U.S. Senators to oppose recent amendments on card interchange.
Senator Richard Durbin (D-Ill.) has filed two amendments to the Restoring American Financial Stability Act of 2010, S. 3217 that would restrict some elements of interchange. The association said "these amendments threaten all credit unions' ability to offer debit and credit cards to their members and would allow merchants to interfere with consumer choice by arbitrarily varying the terms of card acceptance."
"If you want to protect your card program, contact your senators today," said Corinne Sherman, vice president for fee services for the association. "Credit unions have been very consumer-friendly and diligent about implementing consumer protections, namely the CARD Act. We can't stay in business, we can't offer value to the consumers if we're forced to take a haircut on interchange."
"It's time to show your grassroots muscle and contact Senators Casey and Specter today," added Christina Miahlik, the association's vice president for governmental affairs. "The merchants are outflanking us and it's time to hit back. So let's jam the e-mail servers and make phones ring off the hook by contacting our Senators regarding the amendments to the Restoring American Financial Stability Act of 2010 and let them know that interchange regulation is bad for credit unions and bad for consumers."