League stands up for Ohio credit union issues before Congress
Published by: Jared Weiser
May 4, 2022 | Public Awareness
It has been a busy week in Congress with issues like interchange fees, overdraft protection, and SAFE banking reform all in the spotlight. The League has been hard at work making sure the credit union concerns are addressed in Congress.
- The U.S. Senate Committee on the Judiciary recently held a hearing entitled “Excessive Swipe Fees and Barriers to Competition in the Credit and Debit Card Systems.” The League partnered with the Ohio Bankers League through a joint letter to U.S. Senators Sherrod Brown and Rob Portman to highlight the benefits produced by the current interchange system.
- The U.S. Senate Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection held a hearing on overdraft fees entitled “Examining Overdraft Fees and Their Effects on Working Families.” The League will continue to work with Congress to outline some misconceptions about overdraft protection and highlight the work credit unions are doing to provide financial education to frequent users.
- Finally, the League partnered with the Ohio Bankers League to send Senators Brown and Portman a letter about the SAFE Banking Act provisions included in the America COMPETES Act. The SAFE Banking Act will address the challenges of providing financial services to the legal Ohio cannabis and cannabis-related industry. Both Senators Brown and Portman serve on the conference committee for the legislation and will play a major role in the final version that Congress approves.
The league will continue to monitor these crucial issues in Congress and, if need be, engage the Ohio Movement to let your Representatives know how they could impact your credit union’s ability to best serve your members. If you would like to learn more about Ohio Movement advocacy efforts, or you would like to get involved, contact Legislative Affairs Director Jared Weiser.
