Thank you for all of your efforts to fight HB 2500/SB 2394 – the bill to exclude state and local sales tax from the interchange fee calculation. You all answered the call and sent numerous messages to your representatives and senators letting them know that this bill is bad for credit unions, and in turn bad for our members/their constituents. We are very thankful for your efforts and advocacy!
Our very own Todd Swims, CEO of Leaders Credit Union, testified yesterday in the House Banking and Investments Subcommittee. He did an outstanding job and presented the case of our credit unions to the committee. He made them completely aware that interchange fee revenue is vital to credit unions’ ability to fight fraud.
Matt Coniglio also testified skillfully on your behalf on in the Senate Commerce and Labor committee on the numerous ways fraud happens. He outlined how credit unions are always the first line of defense and make your members whole instantly, in turn bearing all of the costs of fraud.
Because of your efforts and Todd’s and Matt’s testimony yesterday, we were able to send this bill to a summer study. We are certainly not out of the woods. We fully expect them to take this summer study seriously and for this bill to return next year.
Your Tennessee Credit Union League is working tirelessly to elevate our cause and build the relationships necessary to fight these battles. We look forward to partnering with you in this important advocacy to come.