As member-owners, we all have a vested interest in the well-being of our credit union. We've created this section to keep our members aware of important legislative matters that can impact the credit union industry and our ability to provide the products and services our members want and need. Through awareness and action, we can let our representatives know whether the legislation they are proposing will help or hinder our mission. Together, we can all make a difference.
Financial Reform Bill (Restoring American Financial Stability Act) - Durbin amendment
The Senate recently passed the Financial Reform Bill (Restoring American Financial Stability Act) that included the Durbin amendment which dictates that the Federal Reserve set the rate that merchants pay to accept debit cards and allows merchants to discriminate based on the card type or issuing institution and set minimums and maximums for credit card usage. This amendment is harmful to credit unions and if the legislation is passed consumers lose - all for the benefit of giant retailers.And that's not fair. The regulatory reform bill may now take one of two routes to become law. The House and Senate will either go to conference to work out differences between the Senate bill and a similar one approved by the House earlier this year, or the House could accept the Senate bill and vote on the legislation. Opposition is mobilizing, but we have to move quickly. We believe there is still a narrow but critical opportunity to prevent it from becoming law. We are again asking that you contact your elected representatives today and let them know that YOU OPPOSE THE DURBIN INTERCHANGE AMENDMENT.
Simply click here to complete a form to electronically send your letter. You can use the letter copy provided in the form, or edit it as needed. Or call your legislators through the Toll Free Credit Union Action Line, 877-223-5275.
You can also visit the California and Nevada Credit Union Leagues Connect for the Cause advocay network to keep in tune with other Credit Union grassroot and mobilization efforts.
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More than fifty years ago, forward-thinking high-tech employees at Fairchild Semiconductor knew there was a better way to bank.