Help us oppose the Credit Card Competition Act
Published by: Jared Weiser
July 12, 2023 | Government Affairs
Consumers and businesses need access to reliable credit card services, and the current interchange system is critical to preserving how your credit union serves members. That’s why the League strongly opposes the Credit Card Competition Act of 2023. A new study shows the negative impacts of previous interchange legislation.
This week, the CUNA/League system unveiled a Cornerstone Advisors report that studied the impact of previous Interchange legislation. The study found debit card issuers, especially those with under $10 billion in assets, experienced significant revenue losses. Consumers also bore higher costs in monthly fees and increased minimum checking balance requirements as a result. Contrary to its intended goal, the legislation did not result in merchant savings being passed along to consumers. This Forbes article sums up key findings from the study.
To date, League members have sent over 500 messages to members of Congress. To amplify your collective voice, the League is coordinating meetings between credit unions and the Ohio Congressional Delegation to help you tell them how interchange disruptions will impact how you serve your members. Reach out to Legislative Affairs Director Jared Weiser if your credit union is interested in hosting one of these meetings and sharing your story with a member of Congress.
Contact Jared Weiser for questions or assistance.