Oppose Legislative Intervention on Interchange

With the devastating impact of the COVID-19 pandemic, Congress has responded with relief aimed at helping the economy and individuals impacted. Congressional leaders have indicated that more relief will come in the 117th Congress. Please urge your elected officials to oppose any attempts to extend interchange price caps or new requirements to credit card transactions.  As decisions are being made, it is important that lawmakers continue to hear from their constituent credit unions on what is important to you as you continue serving your members.

When a price cap was set on debit interchange rates in the Dodd-Frank Act, the retail industry did not follow through on their promise to pass on interchange fee savings to their customers.  Now they are asking for the same failed price controls and government intervention to be extended to credit card transactions in response to the pandemic.  This would cause irreparable harm to credit unions like yours and could damage the availability of credit to consumers.

With so much Congressional turnover in recent years, there are many Senators and Representatives who were not around for some of our previous legislative battles, such as Dodd-Frank and interchange. It is vital that we educate them on credit unions and the issues important to you as they tackle issues that may impact the credit union industry.

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