TALLAHASSEE, FL – The League of Southeastern Credit Unions (LSCU) is reporting it has launched a “substantial campaign” to defeat state-level interchange legislation in Florida.
With support from CUNA, LSCU said it has made “significant progress in educating lawmakers on the negative implications of this bill and the realistic impact on consumers, small businesses, and credit unions.”
In announcing its initiative, the league noted that in recent years recent years, state legislatures have taken up interchange legislation due to lack of movement at the federal level, where credit unions also oppose proposed interchange legislation. This year in Florida, Senate Bill 564 and House Bill 677 were introduced to exclude sales tax and tips from interchange fees charged for electronic payment transactions, according to the league.
In addition, a new amendment would require the card issuer to provide the refund to the consumer for miscalculated charges and would result in a $1,000 fine to the financial institution.
‘Egregious Proposal’
“This egregious proposal would increase the cost of maintaining the system and reduce revenues for those who maintain it. Not only does the infrastructure to support this proposal not exist, this legislation will impose severe and costly burdens on all businesses,” said Samantha Beeler, president of LSCU. “We are committed to stopping this legislation from further advancement and appreciate the partnership of CUNA and Florida credit unions, as well as other coalition members, in fighting this dangerous proposal alongside our team.”
With support from the Southeastern Advocacy Fund and other resources provided by LSCU’s for-profit companies, the league reported it began running digital ads across multiple platforms seeking to emphasize “the detrimental impact of these proposals.”
LSCU added the ads geofence the state capitol and target legislators, staff, lobbyists, and more and direct viewers to CUNA’s new Protect My Card landing page.
Mobilizing in Districts
“On top of our extensive ad campaign, we have mobilized credit unions in key districts across the state, sending nearly 300 messages to lawmakers in just one week. In addition, credit union leaders and league staff have testified against these bills in multiple committees. The three-tiered CUNA-league-credit union system has been on full display throughout this legislative session, and we are most grateful to everyone who has leaned in to stop this legislation in its tracks,” Beeler said.
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