THIS IS A FOLLOW-UP TO THE PRIOR POST:
I am writing to you about an issue that could negatively impact all members of our credit union.
Each time you use your credit union credit card or debit card, a merchant is paid immediately and the card receives "interchange" through a card payment system. This interchange system reflects a merchant's fair share of the costs of this payment system. The Senate is debating S. 3217, the Restoring American Financial Stability Act of 2010. Some amendments would threaten our ability to offer debit and credit cards and allow merchants to interfere with consumer choice by arbitrarily varying the terms of card acceptance. The bottom line is that big retailers want to shift their cost of doing business on to you, our credit union member. If the amendments pass, our credit union could be forced to raise rates and fees, or even curtail debit and credit card offerings in the future. Please contact Senator Jeff Sessions at 202-224-4124 urging him to oppose any amendments to S. 3217 which would affect debit and credit card-issuing credit unions and the card payment system. (Senator Richard Shelby has already indicated his opposition to these amendments).
If any members have any questions regarding the interchange amendment, please feel free to contact me. Your voice and help would be appreciated!