WASHINGTON — CUNA has joined NAFCU in opposing legislation mandating negotiations between retailers and card brands on card interchange.
The bill, HR 5546, which supporters have dubbed the “Credit Card Fair Fee Act” could result in a judicial panel imposing a rate should negotiations fail to set one.
CUNA CEO Dan Mica sent a letter April 29 to all members of the U.S. House of Representatives opposing the law, arguing that such an approach would establish “a costly governmental tribunal” to impose a decisions on a system which is better served by the marketplace.
“Supporters of this legislation assert that consumers would benefit from government interference, but there is no clear indication that this objective will be met,” Mica wrote. “Government-imposed price controls on interchange fees are more likely to increase credit and debit cards costs that consumers bear. The uncertainty surrounding this legislation makes it unlikely that consumers will see any benefit.”
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