Monday, February 14, 2011 11:47:00 AM
WASHINGTON - The fight against the Federal Reserve's proposed interchange changes will take to the television airwaves this week in the nation's capital as a 30-second television ad debuts in the Washington, DC, television market.
CUNA is one main sponsor of the ad, which was developed by the Electronic Payments Coalition (EPC), the industry group of financial institutions and debit card processors that are working together on the Interchange issue. Fellow EPC members the Independent Community Bankers of America (ICBA), the National Association of Federal Credit Unions (NAFCU), and the American Bankers Association (ABA) have also sponsored the ad. Their logos appear on screen at the end of the commercial.
The Fed's interchange provisions could cap debit card interchange fees that are paid by merchants to card issuers at as little as seven cents per transaction. Issuers with under $10 billion in assets would be exempt from the interchange changes. The Fed proposal will remain open for public comment until Feb. 22, and, if approved, could come into effect after April of this year.
The ads made their debut on Sunday, February 13, in the Washington area, and will continue to run through the week of CUNA's Governmental Affairs Conference (GAC) February 28 to March 4, on local TV.? ?To see a video of the ads, visit http://www.youtube.com/watch?v=rDvj4wmgD2g.