Teachers Join Interchange Fight Posted by AVCU on 3:27 PM

The National Educators Association has joined the likes of the Consumer Federal of America, the NAACP and the Hispanic Chamber of Commerce in asking Congress to delay the Fed's interchange controls regulation in favor of more study. In a letter to the majority and minority leaders of both chambers of Congress, the NEA says that teachers and education support professionals could be hurt by the Fed’s proposed interchange cap and that the regulation "could have a significant negative impact on the cost of mainstream banking services" to many middle- and lower-income consumers, including the group's constituents. The letter goes on to say that "Further study is warranted to determine if the proposed federal controls on interchange fees for debit swipes as currently mandated by the amendment will meaningfully benefit merchants and their customers, or if such controls will instead result in consumers paying higher prices for the banking services critical to their financial well being," the letter added.

The NEA is a 3.2 million-member advocacy organization that represents current and retired teachers, faculty members, and other education support professionals. Read the NEA' letter in entirety here.