Credit union employees and members who want to contact lawmakers to express support for delaying the Fed’s interchange rule have a new online resource.
The Electronic Payments Coalition, of which CUNA and NAFCU are members, has set up a website, dontmakeuspay.org, that explains the issue and provides forms for emailing members of Congress.
The coalition is trying to garner additional support for legislation introduced in the House and Senate that would delay the Fed’s rule–by two years in the Senate version, one year in the House–and mandate a study of the issue by banking regulators, including the NCUA.
The Fed’s rule, which is slated to take effect later this year, would cap interchange fees. The regulator drafted the rule as a result of a provision in the financial overhaul bill passed by Congress last year. The amendment was sponsored by Sen. Richard Durbin (D-Ill.).