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Sunday i NY Timesi Mica urges dont be fooled on interchange
WASHINGTON (10/13/09)--In an op-ed published in the Sunday edition of The New York Times, Credit Union National Association President/CEO Dan Mica urged legislators “not to be fooled” into passing “legislation that hurts one of the most important building blocks of our economy at a time when we can least afford it.” Responding to a recent Times story on interchange legislation, Mica said that “nearly all” credit unions are “concerned about the extremely harmful effects that interchange legislation would have on the services credit unions offer their members.” Eliminating or reducing interchange fee income could force credit unions “into the impossible decision” of raising member fees or ceasing participation in card programs, Mica added. CUNA has fiercely opposed merchants proposals that would affect interchange fees, saying that interchange reflects a merchant's fair share of the costs of the convenient card system.


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