Credit unions would be placed at a competitive disadvantage and could lose money if Congress passes legislation designed to clamp down on interchange fees, CUNA and NAFCU wrote lawmakers.
"The merchants' legislative proposal to reduce interchange would unfairly disrupt a functioning marketplace by giving merchants an enormous competitive advantage over card-issuing credit unions in interchange negotiations," CUNA President/CEO Dan Mica wrote all House members.
NAFCU President/CEO Fred Becker wrote that the legislation would make it harder for credit unions because of the costs that credit unions assume when issuing credit cards.
Continue Reading for Free
Register and gain access to:
- 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.
