Member Login

THE MEMO

DAKOTA CREDIT UNION ASSOCIATION
  • Advocacy
    • Government Affairs
    • Grassroots Action Center >
      • Advancing Communities
      • Bill Tracking
    • Political Fundraising
    • Regulatory Advocacy
    • Preserving Financial Choice for North Dakotans
  • Compliance
    • Compliance Resources
    • Compliance Solutions >
      • AffirmX
      • CECL
      • ComplySight
      • CU CMS
      • CU PolicyPro
      • InfoSight
      • PayLynxs
      • RecoveryPro
      • Training
    • The Memo: Compliance
  • Member Resources
    • Awards >
      • DakCU Awards
      • CUNA Awards
    • CU Awareness (SWAP)
    • DakCU Foundation >
      • Donor Wall
      • Memorials
    • DakCU Health Benefits Trust
    • Financial Well-Being for All
    • Professional Development >
      • Chapters
      • Emerging Leader Program
      • Sales CU Training
      • Training
    • Strategic Partners >
      • CAP Program Directory
      • Compliance Solutions
      • Pee Wee and Friends®
  • News & Events
    • The Memo
    • Events Calendar
    • Annual Summit >
      • Sponsors
    • CUNA GAC
    • MonDak
    • New Ideas
    • Sales CU Training
  • About Us
    • Board of Directors
    • Contact Us
    • Our Team

Interchange Fees Back on the Chopping Block!

4/29/2022

 
Picture
Jay Kruse explains why now is the time to engage our Dakotas’ congressional delegation. Action Alerts will be coming very soon! 
Click Here to Contact your Congressional Delegation Now!

by Jay Kruse, Chief Advocacy Officer
Next week, the Senate Judiciary Committee will hold a hearing focusing on interchange fees titled, “Excessive Swipe Fees and Barriers to Competition in the Credit and Debit Card Systems.” We believe this hearing could closely resemble a 2006 interchange hearing, which really kick-started Senator Dick Durbin’s (D-IL) efforts to regulate debit interchange. You may be wondering, why is this hearing taking place in the Judiciary Committee, considering this subject seems better fit for the Senate Banking Committee? There is a simple answer: Senator Durbin is the Chair of the Senate Judiciary Committee, and he hates interchange fees.

Consumers across the country rely on credit cards to make life happen, from paying for groceries and school supplies to covering emergency car repairs or medical expenses. Accepted nearly everywhere, credit cards offer robust security, fraud protection, and access to credit that may not otherwise be available. Interchange fees, which are only a fraction of a cent per dollar transacted, make this possible. Interchange keeps consumers, merchants, and financial institutions safe.

Interchange fees cover the cost of fraud detection, credit monitoring, and fraudulent purchase protection that make consumers and merchants whole when bad actors attack.

The robust security features that make credit cards so appealing to consumers come at a cost. Interchange fees cover those costs but increasing fraud and the possibility of reduced interchange fees pose a real threat to data security.

We are very concerned that this hearing will not explore the impact of interchange regulation on credit unions (and other small financial institutions), and that we are vulnerable if members of the committee do not understand that the impact of regulation doesn’t stop at Visa and MasterCard.

We believe now is the time to engage our Dakotas’ congressional delegation. While none of our Delegation sit on the Senate Judiciary Committee, we do have two prominent members of the Senate Banking Committee in Senators Rounds (R-SD) and Cramer (R-ND), that need to continue to hear our concerns along with Senators Thune(R-SD) and Hoeven (R-ND). Later today you will likely receive multiple Action Alert emails, from CUNA and DakCU, reinforcing the importance of this significant Action Alert. Feel free to contact me if you have any questions.
 
Click Here to Contact your Congressional Delegation Now

Comments are closed.

    The Memo

    The Memo is DakCU's newsletter that keeps
    ​credit union professionals updated on current news and information. ​

    Memo Home

    Want the Memo delivered straight to your inbox?
    Sign Up Now


    Archives

    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021


    Categories

    All
    Action Alert
    Advocacy
    Awards
    Awareness Campaign
    Compliance
    CUPAC/CULAC
    Dakota CUs Give Back
    Events
    Facebook Creeping
    Financial Well Being
    Foundation
    Fraud Alert
    Grants
    In The Spotlight
    Marketing Tips
    Member Solutions
    Miscellaneous
    ND Legislative Update
    News And Notes
    President's Perspective
    Press Releases
    SD Legislative Update
    Webinars

Copyright Dakota Credit Union Association.  All Rights Reserved.
2005 N Kavaney Dr - Suite 201 | Bismarck, North Dakota 58501
Phone: 
800-279-6328 | info@dakcu.org | sitemap | privacy policy
Picture
Picture
Picture
  • Advocacy
    • Government Affairs
    • Grassroots Action Center >
      • Advancing Communities
      • Bill Tracking
    • Political Fundraising
    • Regulatory Advocacy
    • Preserving Financial Choice for North Dakotans
  • Compliance
    • Compliance Resources
    • Compliance Solutions >
      • AffirmX
      • CECL
      • ComplySight
      • CU CMS
      • CU PolicyPro
      • InfoSight
      • PayLynxs
      • RecoveryPro
      • Training
    • The Memo: Compliance
  • Member Resources
    • Awards >
      • DakCU Awards
      • CUNA Awards
    • CU Awareness (SWAP)
    • DakCU Foundation >
      • Donor Wall
      • Memorials
    • DakCU Health Benefits Trust
    • Financial Well-Being for All
    • Professional Development >
      • Chapters
      • Emerging Leader Program
      • Sales CU Training
      • Training
    • Strategic Partners >
      • CAP Program Directory
      • Compliance Solutions
      • Pee Wee and Friends®
  • News & Events
    • The Memo
    • Events Calendar
    • Annual Summit >
      • Sponsors
    • CUNA GAC
    • MonDak
    • New Ideas
    • Sales CU Training
  • About Us
    • Board of Directors
    • Contact Us
    • Our Team