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| Help stop pending legislation that will negatively affect your debit card |
| Posted: | June 16, 2010 |
| Details: |
As you may have seen in the news, the U.S. Senate recently passed a financial regulatory reform bill. While we believe that the overall bill takes a balanced approach to changes in the financial markets, there is one provision, which if enacted into law, would have negative consequences in the form of increased costs for all consumers that have a debit card.
Specifically, we are concerned with the “interchange rate” amendment that was passed as part of the Senate legislation.
Large merchants are supporting this amendment because it imposes government regulation to reduce the amount they pay to Dupaco when a member swipes a debit card at their place of business.
With this amendment, the merchants will avoid paying their fair share to support the electronic card payment network. This amendment, if enacted into law, would likely result in increased fees for our credit union members, resulting in a massive cost shift from large retailers onto consumers who use debit cards.
This amendment is bad for consumers. Given the time-sensitivity of this issue, we ask for your help in contacting your Members of Congress, opposing this interchange rate amendment.
Please click here to send a prepared email to your Members of Congress and call 877-223-5275 to urge them to oppose this provision that would raise costs on credit union members.
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