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CUNA holds natl call-in on interchange today for CUs
WASHINGTON (5/27/10)—As part of its all-out assault to block interchange language from being included in a final financial regulatory reform bill, the Credit Union National Association (CUNA) is sponsoring a national conference call today to outline issues and needed action for leagues and credit unions. CUNA has reserved 3,000 lines for participants of the 2 p.m. (ET), half-hour call-in, during which President/CEO Dan Mica will describe credit union concerns regarding an interchange amendment currently included in the Senate version of the regulatory reform package, S. 3217, the Restoring American Financial Stability Act (RAFSA). The Senate passed that bill earlier this month by a 59-39 vote. "Credit unions must engage at the grassroots level right away. Our call will outline the actions credit unions must take to reach our goal of removing the interchange amendment from the financial reform legislation before it is enacted into law," said CUNA’s Mica. "We know this is short notice, but I urge all credit unions to dial into today's call. Next week's Memorial Day recess gives us an immediate opportunity to deliver our message to members of Congress while they are back home." The House-approved version of a comprehensive financial reform bill, the Wall Street Reform and Consumer Protection Act (H.R. 4173), approved last December, has no interchange provision. However, as the Senate worked toward a vote on its bill, an amendment was added that would direct the Federal Reserve to issue regulations to govern interchange fees charged for debit card transactions. As the House and Senate move forward to design a single bill that both houses of Congress can ratify, CUNA will continue its push against the interchange language and urge federal lawmakers to drop any such provision out of a final bill. To that end, CUNA’s has launched a comprehensive offensive, which includes the national call-in, a call for grassroots action, and written material to support a grassroots effort. As the House and Senate name their conferees, CUNA will enlist the aid of credit unions to keep pressure on these and all federal lawmakers to surgically remove the interchange language. To learn more about this key issue, use the resource link below to register for the CUNA call-in. CUNA requests one line-use per credit union because of likely demand.
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