Call your representative to oppose H.R. 5546

As Fred Becker mentioned this morning in our general session, we need your help to stop legislation introduced in the House that would seriously impact interchange fee income. The bill, H.R. 5546, is expected to be taken up by the House Judiciary Committee next Wednesday. NAFCU is asking all of its members to call their U.S. representatives and oppose the bill.

You can call the U.S. Capitol Switchboard at 202-224-3121. Here are some talking points:

• Please don't co-sponsor or vote for H.R. 5546, the Credit Card Fair Fee Act.
• H.R. 5546 is a price control bill.
• Merchants and retailers want to use the electronic payment system for free.
• Merchants already consider the cost of interchange in the price of goods and services.
• Nothing in the legislation requires merchants to pass on any benefits to consumers. In fact, evidence shows that merchants will keep the savings, rather than reducing the price of goods.
• Merchants and retailers can negotiate directly with credit card companies.
• Thank you for supporting credit unions.