Stop Study & Start Over
We need your help in asking Congress to Stop, Study & Start Over on Debit Card Interchange Reform.
Summary:
As part of the 2010 Dodd-Frank Act, the Durbin Amendment mandated significant changes to debit card interchange rules that will significantly impact the Credit Union’s debit card program. The issue continues to be hotly debated between major retailers and the financial services industry, but the one common point is that the issue is very complex. More time needs to be taken to fully assess the impact that this legislation will have on both industries, and more importantly on the American consumer.
“If the rules proposed by the Federal Reserve to fix prices on debit interchange go into effect July 21 as mandated by law, many credit unions will have some very hard choices to make about how to offer services to their members,” said CUNA President and CEO Bill Cheney. “Credit union members may be forced to pay new fees for their debit cards and face elimination of services such as free checking.”
Where we are today:
Currently there are two bills before Congress related to this issue. S. 575, the Debit Interchange Fee Study Act, was introduced in the Senate and H.R. 1081, the Consumers Payment System Protection Act, was introduced in the US House of Representatives. Both bills would delay implementation of the Federal Reserve’s debit interchange rule and study its implications before proceeding.
We need your help in reaching out to our congressional delegation to support these bills today.
How to get involved:
- Use CUNA’s Grassroots Action Center which will assist you in crafting your message to our congressional delegation regarding this issue.
- Use CUNA’s toll-free hotline, (877) 422-3525, to be directed to Maine’s congressional delegation.
- Contact Maine’s congressional delegation directly:
- Senator Olympia Snowe
- Senator Susan Collins
- Representative Chellie Pingree
- Representative Mike Michaud
Thank you!
Our Member support on this issue will help us to continue to be able to provide low cost financial solutions.
