Comment from Merchant Advisory Group
Merchant Advisory GroupOpposeTrade association
Summary: The Merchant Advisory Group, the Retail Industry Leaders Association, and the National Restaurant Association jointly oppose the NCUA's interim final rule regarding federal credit unions' power to charge non-interest charges and fees. They argue the rule enables anticompetitive conduct by allowing credit unions to outsource fee-setting to card networks, fails to properly preempt the Illinois Interchange Fee Prohibition Act (IFPA), and improperly bypasses standard notice-and-comment procedures.
The Merchant Advisory Group (“MAG”), the Retail Industry Leaders Association (“RILA”), and the National Restaurant Association (“NRA”) jointly submit the attached comment letter in opposition to the National Credit Union Administration (“NCUA”) Board’s interim final rule concerning federal credit unions’ power to charge non-interest charges and fees (the “Interim Rule”).