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Michigan Credit Union League Home » Information Services » Publications » News Articles  

CUNA Joins 8 Other Trade Associations in Interchange Letter   (Misc News: April 13, 2011)

CUNA is joining with eight other trade associations to point out "the extraordinary breadth and depth of organizations and government officials" over the Federal Reserve’s proposed debit interchange rules.

In a joint letter sent to Fed Chairman Ben Bernanke, U.S. Treasury Secretary Tim Geithner, and NCUA Chair Debbie Matz, as well as other key regulators, the groups cite critical comments made by the FDIC, NCUA, Comproller of Currency, several senators and other groups, CUNA News Now reported.

"We particularly urge the (Board of Governors of the Federal Reserve System) to take into account the policy concerns of otther federal regulators who are involved in the consultation process and the legal views expressed by the Department of Justice, as the board's own counsel," the letter says. The letter is signed by leaders of the American Bankers Association, Independent Community Bankers of America, The Clearing House, The Financial Services Roundtable, Consumer Bankers Association, Mid-size Bankers Coalition of America, National Bankers Association and NAFCU.

CUNA and other critics of the new interchange rules are taking a multi-pronged approach in the battle against the new interchange rules. It is supporting efforts in Congress to pass legislation delaying implementation so it can be further studied, supporting a legal challenge filed by TCF National Bank and asking the Fed to reconsider its proposed rule.

The proposed rule would cap debit interchange fees at 12 cents instead of the average 44 cents currently charged.

Credit union backers have made more than 85,000 separate contacts to members of Congress since CUNA launched an action alert last month. Industry leaders have called this type of direct, grassroots advocacy is vital to the interchange fight.

Click here to see the full letter.

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