WASHINGTON –CUNA and NAFCU have each sent letters to all House members opposing bills that would cap interchange fees.
CUNA's letter was on the Gas Pump Fair Payment Act of 2008 (HR 6620) which seeks to reduce gasoline prices by capping the interchange rate on gasoline transactions at 1% of the cost per gallon of fuel. The bill has been introduced by Rep. Stephen Lynch (D-Mass.) and has no cosponsors.
"While we are all feeling the effects of higher gas prices, this bill would only exacerbate the problem for consumers and upset a delicate balance in the electronic payment system that reduces the risk for both merchants and consumers," CUNA President and CEO Dan Mica wrote lawmakers.
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NAFCU's letter reiterated its opposition to The Credit Card Fair Fee Act (HR 5546), which gives retailers an exemption from anti trust laws by allowing them to work together when negotiating with credit card companies over interchange fees. The measure passed the House Judiciary Committee last month, though no vote has been scheduled by the full House.
"We do not believe that the true negative impact that the legislation will have has been fully examined, and urge you to oppose any effort to bring the legislation to a vote in the House," NAFCU President and CEO Fred Becker wrote the lawmakers.
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