There's a lot of hype in Congress right now about whether last year's Congressional action to restrict interchange was ill-concieved. Specifically, some members of the House argue that they never got a chance to consider the Durbin amendment on its own merits. Instead, it was added to the Dodd-Frank bill by the Senate and sent back to the House for an overall vote. In addition, the Fed proposed interchange regulation, although technically exempting institutions under $10 billion, doesn't mandate that networks treat small issuers differently nor does it prevent merchants from directing cardholders to use lower cost cards of over $10 billion issuers. In an effort to reinforce the shortcomings of the legislation and proposed regulation, the Electronic Payments Coalition is airing this commercial in the DC area.
The Federal Reserve's proposed interchange cap, even though intended for the largest issuers, stands to disadvantage your credit union's debit card, impact its bottom line, and ultimately cost consumers more as card issuers recoup lost income through new or increased fees. Send your concerns to the Federal Reserve now. We've made it easy with pre-written talking points you can select, edit and send automatically.
Visit the Operation Comment center to help today.
Posts
0 comments:
Post a Comment