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Washington
Fee cap bill harms consumers says CUNA
WASHINGTON (8/14/08)—The Credit Union National Association (CUNA) urged federal lawmakers Wednesday to reject a bill that could exacerbate the pain of higher auto fuel prices for consumers by setting arbitrary limits on interchange fees. In a letter to all U.S. House members, CUNA President/CEO Dan Mica urged them to oppose H.R. 6620, the “Gas Pump Fair Payment Act of 2008.” The bill, introduced in July by Rep. Stephen Lynch (D-Mass.), would amend the Truth in Lending Act to limit the amount of the interchange fee imposed on the sale of motor vehicle fuel. In addition to its impact on consumers, Mica also stated that the bill would “upset a delicate balance in the electronic payment system that reduces risk for both merchants and consumers.” Mica noted that capping interchange by statute would result in convenient debit and credit becoming less available and more expensive for consumers, causing credit unions to assess whether they can continue to offer debit cards and credit cards to their members. “To the extent that H.R. 6620 is intended to reduce the effect of higher gas prices on consumers, it is well-intentioned; however, the reality is that the bill will only benefit the gas station franchisees and the oil company conglomerates, which will be spared the responsibility to pay their fair share to use the electronic payments system,” Mica wrote. To read the full CUNA letter, use the resource link below.


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