FORT LAUDERDALE, Fla. — The president of a leading credit union card association urged card executives attending the association's annual meeting to get involved in the ongoing legislative fight over card interchange.
Robert Hackney, President of Card Services for Credit Unions, the association of credit unions which process their transactions with Fidelity National Information Systems, told almost 300 credit union executives at the meeting that even as the meeting began the House Judiciary Committee had begun hearings which could negatively impact on card interchange.
Using 2006 industry metrics which showed that interchange can account for 20% of credit card income and 99% of debit card income, Hackney told the executives is was easy to see what a drop in interchange income could do to their noninterest income.
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"So if any of you have connections with your lawmakers in Washington, this would be the time to contact them and let them know how important card interchange can be," Hackney said.
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