NAFCU notes hypocrisy of lawmakers who call for new cuts in interchange fees
A group of four lawmakers Friday sent Visa and Mastercard a letter requesting they withdraw plans to raise credit and debit card fees. Signed by Senators Dick Durbin (D-Ill.) and Roger Marshall (R-KS), and Representatives Peter Welch (D-VT) and Beth Van Duyne (R-Tex.), the Members of Congress claimed the fee increases would add to inflationary pressures that would burden American consumers.
In response to the letter, NAFCU President and CEO Dan Berger noted the hypocrisy of criticizing the adjustments in interchange fees now under the guise of helping consumers, when the lawmakers have done nothing over the last decade to repeal the Durbin amendment despite numerous studies showing merchants never passed interchange savings on to consumers, which is contrary to promises by Durbin amendment supporters that consumers would benefit.
“If lawmakers are so interested in helping American consumers, why haven’t they looked at merchants’ failure to pass the savings along to consumers that were promised in the Durbin amendment? Multiple studies have shown that consumers have not benefitted from this failed policy,” said Berger. “Many big retailers have enjoyed profits from this market manipulation while they and their allies try to continue to distort the competitive landscape further with government intervention in the free market.”
NAFCU will continue to work with Congress to protect American consumers and push for legislation that provides far-reaching regulatory relief for credit unions.
Examination & Enforcement
Add to Calendar 2022-06-28 14:00:00 2022-06-28 14:00:00 5 Ways You Can Help Older Members Avoid Fraud and Financial Exploitation In this webinar you’ll learn how to identify, prevent, respond, and report scams and fraud targeting older adults. Though anyone can experience fraud and financial exploitation, scammers and other bad actors often target older adults. Explore why your older members may be at risk, who the abusers are, and red flags to identify scams and fraud. You will also hear about steps that older adults, their caregivers and loved ones, and credit union staff can take to spot and report financial exploitation if it does occur. In 5 Ways You Can Help Older Members Avoid Fraud and Financial Exploitation, you will get a baseline understanding of elder financial exploitation and what you can do about it. Topics covered include: defining elder financial exploitation, common types of fraud and scams, a snapshot of data about scams, prevention and reporting resources, including financial caregiving and Trusted Contacts. Key Takeaways Learn the basics of elder financial exploitation, fraud, and scams. Review red flags and prevention resources for members, their caregivers and loved ones. Discover resources to help credit union staff spot, prevent, and report financial exploitation. Register NowRegistration is complimentary, but you must register to attend.One registration gives your entire team access to the live webinar and on-demand recording until June 28, 2023.Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOS NCBSOs NCRMs Compliance, BSA and risk staff Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar NCBSOs will receive 1.0 CEUs for participating in the webinar CPA credit information is below; recommended 1.0 CPE credits. CPA Certification Credit Information Reviewer: Josie Collins, Associate Director of Education, NAFCU Learning Objectives: See key takeaways Program Level: Basic Prerequisites Needed: None Advance Preparation Needed: None Delivery Method: Group Internet-Based Recommended CPE Credits: 1.0 credits Recommended Field of Study: Regulatory Ethics – Technical About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
Credits: NCCO, NCRM, NCBSO, CPE
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