I don’t think it’s too much of a stretch to say that our industry’s fight against a Draconian interchange fee cap reached epic proportions in the weeks leading up to the June 8 vote in the Senate on the Tester-Corker amendment to delay and study the Fed’s proposed rule. Credit unions fought valiantly. While not getting the 60 votes required to overcome a filibuster, we convinced a large number of senators to reconsider their prior vote through a groundswell of grassroots outreach not seen in the Capitol in many years. 

In fact, our efforts yielded well over 100,000 contacts to senators and a dramatic increase of support in the Senate for the Tester-Corker amendment. Credit unions’ efforts to combat the retailers and the poorly conceived interchange provision in the Dodd-Frank Wall Street Reform and Consumer Protection Act were commendable, and it was one of our greatest assets in the fight.

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Tonya Knudesn


Credit Union Times

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