Cheney Criticizes Huffington Post's Take on Interchange (Misc News: January 21, 2011)
CUNA President and CEO Bill Cheney wrote an article on the Huffington Post website titled New Interchange Rules for Debit Cards: A Perceived 'Win' Is Really a Loss criticizing the site’s coverage, saying that it mischaracterizes as “pro-consumer” the new debit interchange law and the Federal Reserve’s proposed rules. CUNA is asking credit unions to use the comments section of the article to share their support for the credit union position.
“No financial institution – and more importantly, none of the millions of Americans who use their services – is a winner here,” Cheney said. “The coming changes to the debit card interchange rules, esoteric though they may be, are going to have real and negative consequences that will unfortunately hit consumers directly in the pocketbook.”
The Huffington Post, while generally a strong credit union supporter, recently has published a number of articles describing the new interchange regulations as “anti-bank,” but “pro-credit union” and “pro-consumer.” Cheney sought the opportunity to respond with the credit union perspective on these changes and the potential problems for consumers. The support of credit union leaders in the comments section of the article will underscore the impact such changes will have on member-owned, locally focused financial institutions.