League joins forces with bankers to oppose interchange proposal
Published by: Jared Weiser
August 24, 2022 | Political Action
Consumers and businesses need access to reliable credit card services, and the current interchange system is critical to preserving how credit unions serve their members. That’s why the League recently teamed up with the Ohio Bankers League to let the Ohio Congressional Delegation know that S. 4674, the Credit Card Competition Act of 2022, will put consumer data privacy at risk. This bill would impact universal card acceptance and decrease payment security by empowering retailers to bypass established secure payment networks at the expense of consumer data privacy.
Personal data and information security must be a priority for both financial service providers and retailers. Take a moment to remind U.S. Senators Sherrod Brown and Rob Portman that credit cards, convenience, and cybersecurity costs are exclusively shouldered by member-owned credit unions.
Read the joint letter and reach out to League Legislative Affairs Director Jared Weiser with questions.
