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Action Alert issued for interchange legislation in the House and Senate

Many credit unions have received a number of Action Alerts from the League in the last week. Momentum for many of the issues we've been fighting for is building. On the state level public deposits in Florida is gaining traction and some footing is being found in Alabama. On the national front, member business lending and interchange fees are heating up. Credit unions are asked to stand united and let their lawmakers know how these issues affect credit unions and our members.

On Tuesday, legislation to delay the implementation of the Federal Reserve Board's interchange fees (Durbin amendment) proposal was introduced in the House ( H.R. 1081) and Senate ( S. 575). While the House and Senate versions differ slightly, each asks for a delay and a study to be done in order to realistically find the impact on financial institutions and consumers.

As credit unions, the proposed rule, as it is currently written, will have a major impact on the debit card programs offered to members. The League and CUNA have issued an Action Alert asking all credit unions to write their U.S. Senators and members of Congress to ask them to co-sponsor their respective bill. Also, let them know that delaying this legislation is the right thing to do until a thorough study has been done. The Action Alert has a number of talking points to help craft a letter.

CUNA has an easy way to write your senator or member of Congress. Utilze the CUNA Grassroots Center and take advantage of electronic prewritten letters to ask that your lawmaker co-sponsor the bills or to thank them for co-sponsoring. On the House side, Rep. Debbie Wasserman-Schultz (D-FL) is a co-sponsor of H.R. 1081. Be sure to send her a "Thank You" letter.

If you prefer to mail a letter, you can use these prewritten letters: house, senate. If you do mail the letter, please let LSCU SVP, Governmental Affairs Will McCarty know.

All of our great work at the CUNA GAC has gotten the ball rolling on member business lending and interchange fees. Now is not the time to lay back and see what happens. We need to push forward. We have a lot of work ahead of us, but our senators and representatives are listening to our concerns and beginning to act. Let's put our cooperative spirit together and speak in one, loud voice.

All of the League's Action Alerts are housed in the LSCU Political Action Alert section of the website. For questions, contact Will McCarty at 866.231.0545 ext. 2137.