| MAY 12, 2011 -- The National Grange, the nation's oldest rural advocacy group, sent a letter Monday, May 9th to 14 members of Congress asking them to support the stop-and-study interchange bills.
The National Grange said that small rural banks, unable to offer free checking accounts, will be at the greatest disadvantage because of lost interchange fee income. The letter stated:
It remains our mission at the National Grange to support and strive for a strong rural community and we believe [the Federal Reserve’s proposed interchange] rule will inevitably generate hardships for those dwelling in rural areas.
In addition, many farmers are self-employed small-business owners with a large stake in the health and well-being of their community bank. Making it difficult to access convenient, affordable banking services will only further strain the agriculture industry.
|
