New York Times Takes Note of Debit Interchange Fight
The fight over debit card interchange and CUs’ participation in that fight made the front page of The New York Times this morning.
The article, Debit Card Fees Prompt a Push Near Deadline outlined the fight in broad strokes, discussed which lobbyists each side has hired to help make its case as well as which lawmakers who had previously backed the debit cap legislation have since backed away from supporting it.
The article also quoted from CU executives that appeared before congressional committees on the issue.
The article quoted the testimony of John Buckley Jr., president of Gerber Federal Credit Union of Fremont, Mich.: “I am appalled that our members will shoulder tremendous financial burden and still be on the hook for fraud loss while large retailers receive a giant windfall at the hands of the government,” he had said when he appeared on behalf of his credit union and NAFCU. It also quoted Frank Michael, president of Allied Credit Union of Stockton, Calif.: “Under the current proposal we are going to lose money on every transaction,” the executive said on behalf of his credit union and CUNA.