Becker States Objections to House Proposal on Interchange

NAFCU President/CEO Fred Becker said he and his organization are “greatly disappointed,” by the House’s proposal on interchange fees that keeps most of the language in the Senate-passed amendment.

“We are greatly disappointed with this interchange proposal as it falls far short of safeguarding consumers’ best interests. There is no language guaranteeing that any savings merchants realize will be passed on to consumers. Moreover, the carve-outs made for government-run programs underscore our concerns about the harmful impact of this legislation to all card users,” he said. “In its current form, this legislation would still put credit unions at a severe disadvantage compared to large credit card issuers. That in turn, would hurt the 92 million Americans who rely on credit unions for debit and credit card services at reasonable rates with low fees.”