WASHINGTON — CUNA and NAFCU contend that a measure introduced last week in the Senate to cap interchange fees would hurt credit unions and make credit less available to consumers.
"Simply put, this proposal seeks to apply artificial, Draconian measures to a system that does not require them," NAFCU President Fred Becker said in a statement."
Last week, Sen. Richard Durbin (D-Il.) introduced a bill to require major card brands to negotiate with merchants to reach an interchange settlement. If they can't reach an agreement, they'd have to submit to binding arbitration by a three-judge panel appointed by the Justice Department and Federal Trade Commission.
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