Interchange amendment blocked; there’s more work to do
Published by: Jared Weiser
October 19, 2022 | Government Affairs
Consumers and businesses need access to reliable credit card services. That’s why the League opposed adding an interchange amendment to the 2023 National Defense Authorization Act (NDAA) bill that would empower retailers to establish their own payment networks. Because of your efforts in contacting members of Congress, the interchange amendment was removed from the Senate version of the 2023 NDAA. While the interchange debate is far from over, this is an important first step to preserving the current system from future modifications. Additionally, the latest version of the 2023 NDAA in the Senate omitted language that would empower the NCUA with third-party vendor authority. Lawmakers are expected to pass the 2023 NDAA, among other initiatives, following the November election. The League will continue monitoring the legislative process and act as needed to protect your credit union’s interests.
