Interchange Call to Action!

​Credit union advocates are asked to send a message to stop a push to add the interchange “Big Box” retail bill language to the NDAA.  

Efforts are heating up in the Senate to get interchange bill attached to NDAA.
The Senate NDAA (National Defense Authorization Act) interchange effort is a battle of wills in these last days before August recess, and retailers are not giving up. Credit union and League engagement (both with the call to action on the amendment this week and back in the district) are essential to keep our interchange concerns top of mind with members of Congress.

It’s an “all hands on deck” call for credit unions to stop a hard push by senators to add the Durbin-Marshall Big Box retailer bill language to the NDAA, a “must pass” bill.

Please take action today and tell lawmakers that this interchange bill does not belong in the NDAA. We’re urging all credit unions to activate employees and members on the interchange issue, to make sure the message is heard loud and clear. The Member Activation Program (MAP) has templates available for both staff and members.

In addition, this past week, CUNA pushed out an email  to the Hill emphasizing the real data privacy and security concerns to policymakers outlined in the study: The True Impact of Interchange Regulation: How Government Price Controls Increase Consumer Costs and Reduce Security. The CUNA Advocacy team, with support from the Leagues, has worked strategically to stop the amendments and distributed a new digital ad around Capitol Hill.  

In other business on the Hill this week, the House of Representatives considers two annual appropriations bills: H.R. 4366, the Military Construction, Veterans Affairs, and Related Agencies Appropriations Act; and H.R. 4368, the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act.

The Senate continues its consideration of the National Defense Authorization Act, and the Senate Banking, Housing, and Urban Affairs Committee Subcommittee on Financial Institutions and Consumer Protection holds a hearing on Wednesday: "Taking Account of Fees and Tactics Impacting Americans' Wallets." 

Credit unions share concerns with Stablecoin Bill draft.
Finally, CUNA led a joint trades letter sent to House Financial Services Committee leaders on proposed stablecoin legislation that is scheduled for markup this week. The letter outlines the strong concerns shared by credit unions and banking trade groups on the barriers for banks and credit unions to entering the stablecoin markets that give fintechs and other non-bank entities a competitive advantage. The primary concern is to ensure that whenever credit unions engage in this emerging payment method, they don’t face additional regulations.
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As it stands now in the legislation, fintechs and other non-bank entities have a competitive advantage with a preferable regulatory environment and are subject to very few of the banking regulations that exist for credit unions. As we work through the legislation with lawmakers, we have made it clear we will withhold our support until changes are made to ensure an equal regulatory approach in this emerging market.

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