A group of retailers today sent lawmakers a flyer contending that 99.96% of credit unions wouldn't be affected by an amendment in the regulatory overhaul giving the Federal Reserve the power to regulate interchange fees.
Reform Swipe Fees Now, which is a project of the Retail Industry Leaders, said they were sending the flyer to "set the record straight," in light of comments by credit union lobbyists.
CUNA President/CEO Dan Mica issued a statement noting that the exemption-or carve out-for credit unions won't work because the higher rates that the Fed sets for larger card issuers will eventually be the rate for all issuers.
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