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Washington
CUNA plans national interchange teleconference
WASHINGTON (4/11/11)--Interchange continues to be the issue of the moment for many credit unions, and the Credit Union National Association (CUNA) will give credit unions the latest developments on the interchange issue plus guidance on how to mobilize their members during an April 13 national teleconference. The teleconference will begin at 3 P.M. ET and should last about 30 minutes. CUNA President/CEO Bill Cheney noted that “the time window for action is relatively short,” so credit unions, the Leagues, and CUNA “must further step up our efforts” to ensure that the proposed interchange implementation delay becomes reality. CUNA will underscore the need for credit unions to get their membership involved in the interchange fight, and will review the various resources and strategies for doing so during the call. To register for the call, use the resource link. There is no cost to participate. The Federal Reserve by July 21 is expected to release a final rule that could cap interchange fees at as low as seven cents per transaction. CUNA has said the rule will force up debit card costs for consumers and has urged Congress to delay implementation and study the surrounding issues. Earlier this week, CUNA unveiled a “Call on Congress” campaign aimed at CU members, including a toll-free number, (877) 422-3525, to help credit union members urge their congressional representatives to save free checking accounts at credit unions. CUNA, the Leagues and credit unions are also developing a district-based letter-writing campaign. CUNA is providing Leagues and credit unions with posters, sample letters, and other materials to push this effort forward. Cheney and CUNA have also produced a new video that calls on the 93 million credit union members nationwide to contact their members of Congress on interchange. That video is posted on CUNA’s facebook page, Youtube.com and an interchange resource page on cuna.org. Interchange delay measures have been introduced in the House and Senate. The House interchange delay legislation had 71 co-sponsors as of Friday. Sen. Jon Tester (D-Mont.), who, along with Sen. Bob Corker (R-Tenn.), introduced interchange delay legislation in the Senate, has reportedly said that he believes he can reach the 60 votes needed for Senate passage of that bill. The Senate bill had 17 cosponsors on Friday.


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