NAFCU is launching efforts in the districts of eight members of the House Financial Services Committee to persuade them to oppose a measure that would allow the government to control interchange fees.
The effort will involve 100 federal credit unions with almost 1 million members in those districts to urge those lawmakers to oppose the legislation. NAFCU says that if the legislation is passed it would result in higher costs to businesses for card transactions, and fewer services.
The bill, which the House Financial Services Committee is likely to consider later this year, requires credit card issuers to negotiate with merchants and retailers for the fees paid on credit card transactions.
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