Credit union advocates continue to push back against the interchange bill (S.1838 and H.R. 3881) with lawmakers. CUNA and Leagues across the country joined other financial services industries to point out that this bill would circumvent the free market to reward a small handful of favored payment networks, a manipulation of the marketplace that would lead to fewer consumer options, greater threats to privacy, and a playing field tilted against credit unions.
It is important that we stay vigilant and keep up our efforts, letting our Dakota congressional delegation know this bill is bad news and would be an even more costly repeat of the failed government policy that is the Durbin Amendment.
On the heels of the National Grocers and Retailers Association, the restaurant lobby is in Washington, D.C., this week in full support of this bill. CUNA and the Leagues are already preparing to directly counter their arguments in our continued engagement with Congress.
Even though this bill limits these new requirements to only institutions over $100 billion in assets, we flagged that, under the Durbin Amendment, “community banks and credit unions still suffered a 30% decrease in their interchange revenue.” Not to mention opening payment systems to benefit big box stores while hurting consumers and small businesses. The bill would extend the debit routing provisions of the 2010 Durbin Amendment to credit cards.
Interchange Action Alert – make sure you send a message of opposition.
Please reach out to our Dakota delegation and let them know the Credit Card Competition Act (CCCA) of 2023 will have serious consequences for credit unions and their members if passed. We strongly oppose this legislation and need your help telling Congress how changes to interchange would negatively impact your credit union and members. If you haven’t already done so, please visit the Grassroots Action Center today and send a message to your legislators today.
Banks continue to push NDAA for Leasing Privileges.
Members of the House and Senate Committee began marking up the FY24 National Defense Authorization Act (NDAA) at the subcommittee level this week. CUNA and Leagues have reached out to the leadership of both chamber committees to oppose the banks’ efforts to use this must-pass defense bill as a shortcut to lease privileges on military bases.
Other 360 Degree Advocacy.
Feel free to contact Jeff Olson or Amy Kleinschmit with any advocacy or legislative questions.
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