WASHINGTON — No one has introduced federal legislation addressing credit card interchange yet, but when they do at least one proposed bill may include protections designed to help credit unions and other small card issuers, according to a hill staffer.
Daniel Swanson, a counsel to Senator Richard Durbin (D-Ill.) told credit union executives attending a break out session of CUNA's Governmental Affairs Conference on Interchange that Senator Durbin, a chief sponsor of interchange legislation in the last Congress, has heard the concerns of credit unions and other smaller issues and is prepared to include some of their points of view in the next round of legislation.
"We are listening to everyone on this issue and we are open to what credit unions have to say," said Swanson. "We don't want to put you all out of business. What we are struggling with now is how to craft an interchange system which is more fair to all of the participants."
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
