Over the last few weeks, there has been significant progress on the regulatory restructuring bill, S. 3217. However, there are currently two amendments, #3771 and #3769, which change the card payment system and have drastic implications for credit unions and credit union members across the country.
Durbin-Leahy-Landrieu Amendment Amendment #3771: This amendment would permit merchants to set a minimum or maximum transaction amount for payment by card, offer discounts for use of cash, check, debit card or stored-value card and offer discounts to customers to use a competing card network. This amendment is cosponsored by Senators Patrick Leahy (D-VT) and Mary Landrieu (D-LA.)
Durbin Amendment #3769: This amendment would direct the Fed to issue regulations to ensure that interchange fees imposed on debit card transactions be "reasonable and proportional" to the cost incurred in processing the transaction.
These amendments are quickly gaining momentum and may be considered in the next five days. We need your help TODAY (and until further notice) to DEFEAT these amendments. We need as many members as possible to contact their Senators.
NOTE: Sen. Richard Shelby (R-AL) has indicated he is with credit unions on this issue. His office has requested credit unions refrain from calling since he supports us. Please continue to call the LSCU's other three Senators.
Alabama • Senator Jeff Sessions - 202.224.4124
• Senator Bill Nelson - 202.224.5274 • Senator George LeMieux - 202.224.3041
The LSCU will continue to update you regularly as this legislation moves forward. In the meantime, direct any questions regarding these issues to LSCU Vice President, Legislative Affairs/Staff Counsel
Will McCarty at 866.231.0545 ext. 2137 or LSCU Vice President, Legislative Affairs
Mark Landreth at 866.231.0545 ext. 1012.