CUs Lost on Interchange, But Opponents Came Away Impressed (Misc News: June 29, 2011)
Supporters of the financial industry side of the debit interchange debate may be disappointed by the results of the June 8 Senate vote, but it’s worth noting that the intense lobbying effort – particularly on the part of credit union people – had a deep impact on those in and around Washington.
A story posted in CEO Update, a newsletter for association CEOS, says that many senators were afraid to vote on the issue and they actually avoided constituents leading up to the vote. The story on the newsletter’s website is password protected, but you can click here to read it.
Even though the retailers won, they came away from the experience with a new-found respect for those in the financial services industry, and particularly people from credit unions.
Said Lyle Beckwith, chief lobbyist for the National Association of Convenience Stores: “I represent an industry that’s on every street corner in America," the 25-year Washington veteran said. "But when I saw what the credit unions were able to do (in grassroots mobilization) it really inspired me to take our industry to the next level.”