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News Now

Washington
CU voices will be heard on Hill Perlmutter
WASHINGTON (3/2/11)--Rep. Ed Perlmutter encouraged credit unions to fight proposed new interchange fees rules, but he stressed revising them won’t be easy. Addressing the Tuesday morning general session of the Credit Union
Click to view larger image Noting that there was no debate in the U.S. Congress on interchange fee issues prior to their inclusion in a major reform bill late last year, Rep. Ed Perlmutter (D-Colo.) told credit union representatives attending CUNA's 2011 GAC that he backs the idea of delaying implementation. He said credit union voices "will be heard" on the important issue. (CUNA Photo)
National Association’s (CUNA) Governmental Affairs Conference, Perlmutter said credit unions should continue to expect tough opposition from interest groups on the other side of the issue. “There are sympathetic stories on the other side, too,” Perlmutter said of some small merchants who come to Capitol Hill to complain about the free-market system of interchange fees. “You have to recognize this. This is what politics is all about.” But, he encouraged his credit union audience, “Your words will carry a lot of weight as you speak to members of Congress this week.” The Colorado Democrat said the best option for credit unions is to lobby for a delay of the implementation date. He said repeal at this time does not seem likely. "It’s going to be difficult," but credit unions do have influence on this issue, Perlmutter added. Perlmutter also thanked credit unions for their service to their communities and members: “You serve them both well.”


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