WASHINGTON-Credit unions will be making a last-ditch effort to lobby Congress on the issue of interchange this week with a CUNA-sponsored "National Hike the Hill."
At press time, the number of credit union reps expected was reportedly lower than anticipated, but CUNA said it was confident attendance will be strong.
CUNA President Dan Mica has called on credit unions to rally in Washington June 8 and 9 to show their dissatisfaction with the interchange amendment currently included in the Senate version of the regulatory reform package, S. 3217, the Restoring American Financial Stability Act. The Senate passed that bill last month by a 59-39 vote. He also urged credit unions to immediately contact congressmen and senators to share their opposition to the new interchange rules.
Credit union staff, members, and state leagues have reached out to elected officials via e-mails, phone calls, and personal visits, making more than 90,000 contacts, CUNA spokesperson Pat Keefe told Credit Union Journal last week. At press time Keefe projected that the total would easily surpass 100,000.
However, Keefe said the trade association was unable to project turnout for the rush on Washington, saying that totals were still being collected from leagues. He said CUNA believes attendance will be strong, with representation from across the country. Critical mass is important, noted Keefe, without setting a target number for this week's event. "It really comes down to how many people you can fit into offices at one time. But our goal is to have people all over the Hill and in every hallway, and hopefully in every congressional office saying, 'Remove interchange from the financial regulatory reform bill.'"
NAFCU is not participating in National Hike the Hill, but has been vocal in its opposition to the interchange amendment, actively lobbying against the new rules since their introduction, reminded President Fred Becker. NAFCU has also been urging its member credit unions to show their dissatisfaction with federal intervention into the current interchange rules. "We are continuing to do the same and are becoming more targeted in our efforts," noted Becker.
While Becker acknowledged that the amendment may be tough to remove, he believes any chance to turn the matter around will come from legislators realizing that consumers will not benefit. "Walmart will not roll back their prices as a result of this," Becker stated.
