From left: Grant Kashiwabara (HCUL), Gary Nakata (Hawaii Central FCU), Mark Yamane, (Aloha Pacific FCU), Tia Leong (Honolulu FCU), Rep. Ed Case, D-Hawaii, Normita Leon (Hotel and Travel FCU), Paula Sumimoto-Matsushima (HCUL), Isabel Navarro (Hawaii Central FCU), Chery Nakai (Hotel and Travel FCU). (Hawaii League photo)
Hawaii credit unions discuss interchange rules with Rep. Case
The Hawaii Credit Union League connected credit unions with Rep. Ed Case, D-Hawaii, earlier this month at the League's education center to discuss the importance of maintaining the current interchange system.
Credit union leaders noted interchange fees cover the cost of fraud detection, credit monitoring, and fraudulent purchase protection, benefiting both consumers and merchants. Reduced interchange fees pose a real threat to data security and could raise fraud-related costs for credit unions and banks.
They discussed last year's Credit Card Competition Act, which would "decimate the current payments system by giving retailers power to use any credit card network, regardless of its data security requirements, and significantly increasing the risk to consumers and their financial institutions," the League said.