WASHINGTON — In addition to being a member of a coalition organized against a recent bill to mandate changes to credit card interchange, a NAFCU executive said the association has also begun working independently against it.
"This is a bill which is of significant concern to our members and we vigorously oppose it," said Brad Thaler, NAFCU's director of legislative affairs.
Thaler said the association's members had expressed opposition for months to the approach that the bill takes and that NAFCU had already begun speaking to legislative contacts about it.
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In a prepared statement, NAFCU President/CEO Fred Becker attacked the legislation.
"Credit card interchange fees, like labor, advertising, or the price of real estate, are a cost of doing business. Just like any other business expense, merchants build that cost into the final price of their goods and services. This bill will only decrease consumer credit availability and increase the cost of credit."
Becker maintained that the current electronic payments system benefits consumers, credit unions, and merchants. Consumers can carry a card that is honored worldwide; credit unions can offer a valuable service to their members and compete with the largest banks in the world; and merchants get prompt, guaranteed payment, among many other benefits.
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