WASHINGTON–Credit unions meeting here were told they are in town at the “perfect time,” as their help is critical in fighting a “socialist” proposal.
That proposal is the interchange legislation currently pending before Congress that is strongly opposed by credit unions, according to NAFCU President & CEO Dan Berger.
Speaking to the association’s Congressional Caucus, Berger called the interchange bill a “socialist price cap” that is all about “unadulterated greed.”
“We are in a battle,” said Berger. “Think it’s an accident the retailers are doing their Hike the Hill this week? No.”
Berger noted that the first time interchange legislation was passed by Congress, the Durbin Amendment of more than a decade ago, retailers said it would lead to reduced costs to them that would translate into lower prices for consumers. And how many retailers cut their prices after the legislation went into effect? None, said Berger.
A ‘Polite’ Reminder
“It’s very, very important that you politely remind your members of Congress of that fact that interchange is used for cybersecurity, to pay for the payments system and more,” said Berger. “This is a very expensive proposition as you know, cybersecurity. It’s extremely important that we maintain the interchange that we have. And be sure to remind them we also oppose the third party vendor authority for NCUA. In plain English, it means more regulation and more cost for something they don’t have the experience and knowledge to do.”
Berger told credit unions it is also very important that in their meetings with Congress and staff that they stress their “why.”
“Tell the stories of what you did at home, what you do in your communities,” said Berger.
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