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Chartway FCU's Blum Tells House Panel That Cap On Interchanges Fees Would Squeeze CU Revenue

WASHINGTON -- Capping interchange fees would make it harder for credit unions to offer debit and credit cards and force them to increase the cost for their services, Chartway Federal Credit Union Vice President of Operations John Blum told a House panel last Thursday.

By Claude R. Marx | Updated on May 20, 2008

WASHINGTON — Capping interchange fees would make it harder for credit unions to offer debit and credit cards and force them to increase the cost for their services, Chartway Federal Credit Union Vice President of Operations John Blum told a House panel last Thursday.

“The loss in revenue that would occur if interchange fees were capped must be made up somewhere. Ultimately those costs and those burdens will fall on consumers,” he said during testimony before the House Judiciary Committee’s Anti-Trust Task Force.

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