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News Now

Washington
Ad touts CU opposition to interchange bill
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WASHINGTON (7/16/08)--Several Capitol Hill newspapers this week are carrying advertisements voicing credit unions’ opposition to the Credit Card Fair Fee Act (H.R. 5546), which would give merchants an antitrust exemption to negotiate interchange fees. The Credit Union National Association (CUNA) and the National Association of Federal Credit Unions (NAFCU) logos appear in the advertisements. A vote on the bill is expected today in the House Judiciary Committee. CUNA, all members of the Electronic Payments Coalition and the U.S. Department of Justice are among opponents of the "fair fee" legislation. CUNA believes regulation of interchange fees would not only harm consumers but also would adversely affect competition and technology innovation.


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