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.