Multiple outlets are reporting that a vote on interchange may be coming this week. Last week, the League issued An
Action Alert that is specifically asking credit unions to contact their senator and ask him to support Sen. Jon Tester's (D-MT) bill to delay the Federal Reserve on interchange,
S. 575. Sens. Bill Nelson (D-FL) and Jeff Sessions (R-AL) have signed on as co-sponsors. The CUNA hotline, 877.422.3525, is active and ready for credit unions to call their senators and let them know the importance of delaying the implementation of the Durbin amendment. The Action Alert contains talking points that will be useful for the call.
The League and CUNA have resources available to help credit unions have their membership call. Visit the
LSCU MBL and Interchange Resource page for a downloadable poster or card with the CUNA hotline number or a sticker directing your members to "Ask me how to Save my Free Checking." There is also a document that shows how a breach, like the recent one at Michael's, impacts a credit union. CUNA President/CEO Bill Cheney also taped a video about the breach and interchange. If a credit union wants to embed the video on its website, contact LSCU VP, Marketing and Communications
Mike Bridges at 866.231.0545 ext. 1022.