Dear Foothill Member,

Last year, Congress passed legislation (the Dodd-Frank Act), designed to prevent activities by financial institutions that contributed to the inflationary trends in housing and excess risk taking in lending.  We are in favor of carefully crafted legislation that promotes stability in the financial services industry including for credit unions.

The Dodd-Frank Act, unfortunately, included a last minute “amendment” on interchange fees.  Interchange fees are charged to merchants when you use your debit or credit card.  Unfortunately, the amendment has already had a negative effect in that many financial institutions have added account fees and or eliminated low cost checking accounts in anticipation of reduced interchange income.

Let's Act Together
We have an opportunity to express our concern about implementation of this legislation that could negatively affect Foothill Federal Credit Union free debit cards and checking accounts. We are asking you to express your opposition to implementation of a flat debit card interchange fee.  In March 2011, bi-partisan members of Congress and the Senate introduced legislation (S. 575 and H.R. 1081) to delay this implementation and study the impact it will have on Credit Unions and their members.

You can contact your public officials simply by going to www.connectforthecause.com then under the Current Issues "Protect Your Debit Card – Protect Your Credit Union" select Take Action.  Follow the simple instructions which will identify your public officials and send them either the pre-written letter provided or your own free-form letter.  Please sign up and take action today.   The information you enter into the website will not be used for any other purpose. Thank you for your support and membership.

Sincerely,

Brian Hall, CEO
Foothill Federal Credit Union