Dear Valued Member,

Time and time again, members share their overwhelming satisfaction with one of our most convenient and reliable services: debit cards for checking.  However, recent action in Congress is threatening our ability to offer convenient and affordable debit cards.

Earlier this month the United States Senate passed an amendment to the financial services regulatory reform bill that has been in the news lately.  The amendment would significantly change the way your credit union operates its debit card program by authorizing the government to regulate interchange.  Interchange is the operating cost that retailers pay to cover their share of debit and credit card programs. 

Our concern is that the interchange proposal was not given the appropriate and necessary consideration by Congress.  In fact, the amendment’s introduction was a bit of a surprise to many, as we expected interchange to proceed in a manner like most proposals in Congress: a bill is introduced; it is heard in committee and then voted on by the whole body.  The fact is that none of this occurred in the Senate -- no debate, no hearing...just a cursory review and a quick vote. 

We are asking our membership to contact Congress and tell them to remove the interchange amendment.  Congress should not make drastic changes to the debit card system without appropriate consideration!  To contact Congress visit: www.capwiz.com/cuna or call toll free 1-877-223-5275 today!

Sincerely,

Debbie Trotter