Say What Needs Saying and Say It Again
If you don’t tell people what is on your mind, they’ll never know. The credit union industry has taken this to heart on the interchange issue.
Gerber Federal Credit Union President/CEO John Buckley, testifying on behalf of NAFCU, and CUNA President/CEO Bill Cheney will represent credit unions at a Financial Services subcommittee hearing on Wednesday during CUNA’s Governmental Affairs Conference. The timing is impeccable (and probably not coincidental) as thousands of credit union executives and volunteers swarm Washington and will surely pack the typically overflowing hearing room.
Credit unions must effectively reframe this as: We will no longer be able to offer free checking to your constituents, Mr. or Ms. Member of Congress, because you did this to us, and we’ll make sure our members, your constituents, know it. Explain how much money your particular credit union could actually lose when a data breach does strike and debit cards need to be replaced. Make use of Project Zip Code to show how many members reside in a particular representative’s district or a senator’s state.
There’s not much time to act. The Fed’s rule must be approved by April 21, so the showing must be strong and clear. Every single credit union sending representatives to the GAC must take action in killing this statutorily required regulation.