In a new op-ed for CUInsight, America’s Credit Unions Chief Advocacy Officer Carrie Hunt called attacks on interchange “misguided and misdirected.”
“For over a decade, retailers have turned interchange fees into a scapegoat to distract consumers from corporate greed. While big box retailers continue spewing their false promises, America’s Credit Unions is committed to fighting this misinformation and protecting the interchange system,” wrote Hunt.
She highlighted the organization’s recent advocacy efforts and success during the Governmental Affairs Conference as Rep. Blaine Luetkemeyer, R-Mo., introduced a bill to require the Federal Reserve to study the impacts of its proposal to lower debit interchange fees. Additionally, Hunt noted efforts by retailers and lawmakers to limit credit card interchange fees with the Big Box Bailout bill. She added that these attacks hurt financial institutions, consumers, and small businesses.
Hunt concluded by explaining that retailers know the power of debit and credit cards, but “don’t want to pay their fair share to help pay for the very system that keeps their doors open.”
“They can complain all they want, but credit unions across the country know all about the increasing costs of doing business. In fact, it’s these very same regulatory oversteps that are causing it,” she wrote.
America’s Credit Unions is committed to protecting the interchange system.
