Reps. Debbie Wasserman Schultz, D-Fla., and Kenny Marchant, R-Tex. released a letter Monday with the signatures of more than 100 lawmakers urging conferees to drop the interchange provision from the final reform bill.
The lawmakers called the interchange measure "ill-conceived and harmful," saying it would "devastate credit unions and community banks, and harm every consumer that uses debit and credit cards to pay for everyday essentials and large purchases alike."
Calling the provision counterproductive the representatives said it would increase rather than decrease consumer costs. "Simply stated, this amendment hurts our constituents because it will raise the price of basic banking products," said the letter.