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Chartway's Blum Urges No Change in Interchange Rules

Any change to the rules regarding interchange fees would "provide an advantage to large financial institutions at the expense of credit unions and other small financial services providers."

By Claude R. Marx | Updated on April 27, 2010

Any change to the rules regarding interchange fees would “provide an advantage to large financial institutions at the expense of credit unions and other small financial services providers,” Chartway Federal Credit Union Vice President of Operations John Blum told the House Judiciary Committee today.

He noted that because smaller institutions generally only break even on their credit card portfolios any reduction interchange fees “would cause a loss,” he said in response to a question from Rep. Lamar Smith (R-Texas), the panel’s top Republican.

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