FORT LAUDERDALE, Fla.- Lobbyists working for the card brands are gearing up to fight off any attempt to attach an interchange amendment to card reform legislation currently moving through the House and Senate.
Dan McDermott, head of U.S. government relations for Visa, told executives attending Card Services For Credit Unions' 20th anniversary that merchant lobbyists have failed so far to advance their effort to cut or cap card interchange in either the House or Senate and were now changing their arguments to try to jump on whatever card legislation which is currently moving forward.
"Last year the argument was rooted in an anti-trust concern and that barely made it out of House Judiciary Committee," McDermott said. "This year the focus is on the cards themselves and trying to make a move on interchange as a card issue."
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McDermott said the card brands and credit unions had succeeded in blocking this effort so far but that they expected the effort would not stop until this year's card reform acts were passed-and then to move to something else.
"I don't expect this to go away because the merchants are too well organized," McDermott said. "But if it comes up again we expect to be ready with an education effort about it," he said.
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