CU Grassroots Work to Delay Fed Interchange Rule
To prepare for possible action in Congress on delaying the Federal Reserve’s interchange rule, credit unions redoubled their grassroots efforts on the issue during the recent recess.
From town halls to media interviews to hosting meetings, credit unions emphasized the benefits to consumers of not having a price cap on the interchange fees.
Geri LaChance, North Island CU executive vice president/chief operating officer, said they have received positive responses from the House members in the San Diego area on the issue. Almost all of them have either signed on as co-sponsors of the measure to delay implementation of the Fed rule or said they plan to.
She said the biggest challenge has been to persuade lawmakers that the position taken by credit unions will help consumers, since those on the other side of the issue have framed their position as pro- consumer as well.