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Cornerstone GAC Chair Testifies at Interim Study Hearing
Monday, October 10, 2016 7:00 AM

Windy Campbell

Windy Campbell, president of Arkansas Employees FCU in Little Rock and Chair of Cornerstone's Governmental Affairs Committee, and Cornerstone Lobbyist and Governmental Affairs Consultant Ron Harrod testified Oct. 4 at the Joint Revenue and Tax Committee meeting of the Arkansas Legislature against HB 1775.

HB 1775 is an act concerning taxes relevant to businesses in the state to create the electronic payment transaction protection act; to prohibit the collection of interchange fees on certain taxes and fees; to dedicate certain tax revenue for educational purposes; to amend the law concerning the discount available to taxpayers for prompt submission of sales taxes returns and payments; and for other purposes. The bill was introduced during the 2015 legislative session and has since been sent for interim study before the conclusion of the legislative session. 

HB 1775, if passed, would affect the interchange system in Arkansas. The bill had been previously introduced in 17 state legislatures across the country in various forms. The Joint Interim Committee hearing was designed to give all interested parties the opportunity to discuss the pros and cons of the bill. Campbell and Harrod's testimony centered on the damage the bill would cause for financial institutions and for individuals in the state who use a debit or credit card for transactions.

“It was a great experience,” said Campbell. “Anytime you get the opportunity to talk about relevant issues with legislators, it’s a good thing.”

Harrod said, “We believe the interchange issue is safe in Arkansas for now. Credit unions can continue to conduct business for the benefit of their members. Their credit cards and debit cards are safe for now.”