Action Alert Issued to Keep Interchange Bill Out of Senate NDAA
Credit unions are urged to contact their senator to oppose attaching the Credit Card Competition Act to the Senate FY24 National Defense Authorization Act (NDAA).
You can send a message using CUNA’s Grassroots Action Center.
The bill’s sponsors have filed it to be added as an amendment to the NDAA and are attempting to whip votes in support of successfully adding it before Congress lets out for the August recess.
“The well-documented concerns with this bill make it a non-starter as it is, but this bill certainly does not belong anywhere near must-pass legislation that funds our military,” said CUNA Deputy Chief Advocacy Officer for Federal Government Affairs Jason Stverak. “All the data shows that big box retailers are the only winners of this bill, with small businesses, consumers, and community financial institutions facing increased costs and less security. This is an effort to jam this bill through without so much as a Congressional hearing. It is vital all stakeholders tell their Senators this bill does not belong in the NDAA.”
CUNA and the American Association of Credit Union Leagues also recently published a study that shows—among other negative consequences—that the big box interchange bill would harm both consumers and the banking system—with small, local community financial institutions suffering disproportionately.
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