CUs Urged To Rally Against Durbin Amendment
LAS VEGAS – If 7,500 credit unions across the United States would get their members to contact their Congressional representatives, it would “help keep the pressure on” lawmakers and potentially halt implementation of the Durbin amendment to the Dodd-Frank Act.
Nat Rosenberg, SVP of U.S. Markets for MasterCard Worldwide, told attendees at the NACUSO Annual Conference here the card company has been advocating against the Durbin amendment since it was introduced. MasterCard has compiled materials on its website that credit unions can access to put together grassroots campaigns.
“This was sold as a benefit to consumers, but if it goes through as written it will not benefit consumers in any way, shape or form,” he said Thursday. “We do not yet know how processing and operations will shake out. There are lots of unknowns. Credit unions might be forced to add things to their cards and take away other things.”
Rosenberg said in his opinion, not that of MasterCard, this is the first time a significant law was passed...and then hearings were held.
“There are bills being introduced to deflect Durbin. The Fed was unable to make the April 21 date for the final rule, so draw your own conclusion if the Fed will make the July 21 date for the final exclusivity and routing rules,” Rosenberg said.