Protecting Interchange: Why Credit Union Advocacy Matters

Read time: 45 secs

Interchange fees power secure, seamless payments. But new legislation, like the Illinois Interchange Fee Prohibition Act (IFPA), threatens this system—hitting community banks and credit unions hardest.

What’s happening?

• IFPA would ban interchange fees on the sales tax portion of transactions.
• This disrupts the payment system, raises costs, and creates compliance burdens.
• Even regulators warn it could increase fraud risk and public mistrust.

Why it matters

• Credit unions face operational challenges and competitive disadvantages.
• Restricting interchange could mean higher fees or fewer services for members.
• Small businesses and consumers would bear the consequences at checkout.

What credit unions can do

• Advocate: Educate policymakers on the dangers of these proposals.
• Inform: Help members understand how interchange changes affect them.
• Mobilize: Partner with organizations like GuardYourCard.com to push back.

Take action now

• Engage with legislators to stop harmful interchange laws.
• Use advocacy tools like GuardYourCard and UNITE.
• Protect the future of secure, convenient payments.

Join the fight 

Visit GuardYourCard.com to learn more.