WASHINGTON (4/8/11)--Credit Union National Association (CUNA) President/CEO Bill Cheney in a new video calls on the 93 million credit union members nationwide to contact their members of Congress and ask them to “stop, study and start over” on interchange fee cap legislation.
The video has been posted on CUNA’s Facebook page, Youtube.com, and an interchange resource page on cuna.org. The interchange fee proposal does not account for all the costs related to running a debit card program. As CUNA Board Chairman Harriet May mentions, the proposal does not account for fraud-related costs. The video also features remarks from Rep. Debbie Wasserman-Schultz (D-Fla.), in which she asks: Who “can price for the risk of fraud on a $1,000 flat-panel TV with a 12-cent interchange fee.” While credit unions, as non-profits, do not want to raise fees, Cheney in the video warns that they may be forced to if the interchange cap proposal goes through. “This change will have a negative impact ... on our members,” May warns.