Since its introduction last year as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the interchange price cap amendment has been a source of great consternation for our industry. NAFCU, both in principle and substance, has fought it fervently.
We stood at the forefront in recognizing that any measure that would split credit unions by asset size is dangerous to our industry. That is why we adamantly opposed the application of the Consumer Financial Protection Bureau to credit unions with over $10 billion in assets. Today, we see the first repercussions of a presumed exemption of credit unions below $10 billion in assets from the interchange price cap, a "protection" that simply is not possible in the marketplace and could very well imperil the competitive landscape of our industry.
We very much appreciate credit unions' strong support of our rallying cry. Many have followed our call to place information on their websites informing their members of the adverse consequences of interchange price caps, including the potential for higher fees, lower rates on savings, higher loan rates and decreased services. Credit union grassroots and outreach activities have helped shine a much-needed light on this issue and garner vital support.
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