Fight passage of H.R. 2695/Senate Bill 1212 – “Credit Card Fair Fee Act"

PSCU Financial Services views the “Fight Passage of Credit Card Fair Fee Act” as poorly-conceived price control legislation that will result in less competition, fewer consumer choices, and reduced access to affordable credit and debit options.  Government intervention in a system that is clearly working well for all parties in the marketplace would be counterproductive, ultimately harmful for all involved, and could never match the ability of the free market to determine the most appropriate price for services.

CUNA, NAFCU, state banking associations and companies in the Electronic Payments Coalition have cautioned lawmakers that “allowing bureaucrats to set credit card interchange fees would harm consumers and disrupt a competitive balance in the financial services industry” and shift the cost of doing business onto to the shoulders of consumers.

Income from interchange enables credit unions of all sizes to issue credit and debit cards to their members.  Passage of the “Credit Card Fair Fee Act” would leave consumers with fewer payment options and reduce access to affordable payment cards.

Simply put, this proposed legislation is bad for credit union business and bad for credit union members.  While on the surface the proposed “Credit Card Fair Fee Act” appears to be a consumer friendly bill, in reality it would harm consumers by increasing costs and reducing payment card options.  Essentially, if merchants do not pay their fair share for the benefits they receive from accepting payment cards, credit union members will have to pay more.

Speak out and let your Congressional representatives know you oppose H.R. 5546.  We’ve prepared sample letters and talking points you can use to help you get your message across.

Click here to download sample communications and talking points you can use when communicating with your senators and congressional representatives.