NAFCU Will Continue to Contest Interchange Measure
NAFCU vowed it would continue to oppose an amendment to the regulatory overhaul bill that would regulate card interchange. The measure was sponsored and championed by Illinois Democratic Senator Richard Durbin.
"NAFCU remains opposed to any proposal establishing a mechanism for federal price caps on interchange fees or creating a model that results in credit unions being placed at a competitive disadvantage with big banks," said NAFCU CEO Fred Becker. "The Durbin amendment, while allowing for a $10 billion exemption for smaller institutions, could still put credit unions at a disadvantage compared to large credit card issuers. That in turn, would hurt the 92 million Americans who rely on credit unions for debit and credit card services."
"While we appreciate Sen. Durbin's efforts to address credit unions' concerns with a handwritten amendment on the floor, we still do not think that it went far enough," said Becker. "The adoption of this amendment makes a bill that was already problematic for credit unions even more problematic. We will continue to work going forward to have this language stricken from this legislation."