Urge Congress to Stop, Study and Start Over on interchange! Thank you for taking time to write your federal legislators on interchange and the effects of the Federal Reserve’s rule on YOUR debit card and checking account. Below are some points to help you compose a message. Please send a message to each of your U.S. Senators and your U.S Representative. The district offices of your federal legislators are listed below. (If you do not know who your Representative is, please visit http://capwiz.com/cuna and enter your zip code.)
Points for Letter to Senator/Representative
I urge you to support legislation to delay the new interchange rule that will make it more expensive for me to use my credit union debit card and checking account: US Senate (S.575, the Debit Interchange Fee Study Act) US House (H.R. 1081, the Consumers Payment System Protection Act) Please work with your colleagues to stop the Federal Reserve Board’s proposed rule on debit interchange. The proposed rule would allow the Federal Reserve to cap debit interchange. If the rule goes into effect this summer, my debit card/checking account costs will increase while merchants profit. The Federal Reserve’s proposed debit interchange capped rate does not reflect my credit union’s significant expenses in operating its debit card system (i.e. call centers and reissuing cards in cases of merchant fraud or breach.) If the Fed’s proposed capped rate is not stopped, debit interchange will not cover these functions and consumers will end up paying fees to support debit card services with their checking accounts. My credit union may be forced to eliminate its card program or services like free checking. The interchange rule will hurt credit union members across the country. I urge you to start over on interchange, being mindful of credit union members like me.
Federal District Offices (with number of members in each district) Senate:
House: