Call to action! Say 'no' to HR 5546
Interchange fees regulation
CUNA is once again calling on credit union professionals to contact their congressional representatives, this time to oppose H.R. 5546.
H.R. 5546 would impose unnecessary regulation over the card transaction interchange fee process by establishing a costly governmental tribunal that would be authorized to impose its decisions on a system that is more appropriately governed by the market. Government interference in this working market stands to harm all participants, including consumers, merchants and financial institutions.
On April 29, Dan Mica announced CUNA’s new policy regarding the regulation of interchange fees. CUNA is working with the Electronics Payment Coalition (EPC) to oppose H.R. 5546, the Credit Card Fair Fee Act, introduced by House Judiciary Committee Chairman John Conyers (D-MI) and Rep. Chris Cannon (R-UT). This legislation, which would establish a three-member panel to regulate interchange fees, is being advanced by the Merchants Payments Coalition (MPC), a group of merchants and retailers.
Supporters of this legislation assert that consumers would benefit from government interference, but there is no clear indication that this objective will be met. Government-imposed price controls on interchange fees are more likely to increase credit and debit cards costs that consumers bear.
The uncertainty surrounding this legislation makes it unlikely that consumers will see any benefit.
CUNA asks credit union professionals to both voice our opposition to this legislation and discourage additional Members of Congress from cosponsoring this bill. To this end, we are asking you to urge Members of Congress NOT to cosponsor H.R. 5546. Furthermore, they should ask Members to actively oppose H.R.5546. We anticipate a House Judiciary Committee hearing on the Conyers-Cannon bill on May 15, therefore, it is especially important to reach out to members of the House Judiciary Committee.
We encourage you to utilize CUNA’s CapWiz Grassroots Action Center, http://capwiz.com/cuna/home/ .
Please don’t hesitate to contact me with any questions.
Elizabeth Furey
Director of Grassroots Advocacy
Credit Union National Association
601 Pennsylvania Ave NW Suite 600 S. Bldg
Washington, D.C, 20004-2601
Phone: 202-508-6713 Fax: 202-638-7751
efurey@cuna.coop