Visa Backed Consumer Group Seeking Interchange Cap Delay
A consumer group backed by Visa USA is trying to generate letters from consumers in support of a legislative effort to delay implementation of a cap on debit card interchange.
"I ask that you stand with consumers like me and delay the effective date of the Federal Reserve's rulemaking for two years, hold hearings on and direct joint federal agencies to study the debit provisions' impact, and take appropriate additional action as suggested by these study results," reads a sample letter from Americans for Consumer Education and Competition.
ACEC describes itself as "a consumer education group that has the financial support of Visa Inc., and working partnerships with national organizations that share ACEC's goal to establish an educational environment in America where financial literacy is promoted and improved among our young people."
It's chairman is Michael Canning, a former executive director of the Association of Corporate Credit Unions.