A few days ago, Patelco sent the letter below to their members asking them to voice their opinion against the REASONABLE FEES AND RULES FOR PAYMENT CARD TRANSACTIONS amendment (original text). This campaign seems to be orchestrated at the state and national level.
What is not clear to me is why would Patelco, a credit union with less than $4 billion in assets would campaign against an amendment, which exempts card issuers with assets of $10 billion and less?
Carla Day pointed me to this article by Russell Simmons where he explains that this exemption is unpractical from an implementation standpoint.It’s odd that Simmons’ letter does not mention that he is involved in a Visa Prepaid Debit Card business called RushCard whose business model is likely to be impacted by this amendment.
