Credit card companies-who are aligned with credit unions on the interchange fee issue-have enlisted state treasurers who say that cutting interchange fees would limit card issuers' abilities to give states access to prepaid cards to distribute benefits at little or no cost.
"The cost savings achieved as a result of moving from check to electronic distribution of benefits to states and their taxpayers," Nebraska State Treasurer Shane Osborn wrote the House Financial Services Committee last week.
He said the interchange amendment in the Senate version of the regulatory overhaul bill would "drastically alter this equation."
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