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.

Jared Weiser
Jared Weiser Director, Legislative Affairs E: jweiser@ohiocul.org
Contact Us

Other Movement News

Government Affairs

League advocates for “clean” NDAA funding bill

In a gridlocked Congress, must-pass federal spending bills open an opportunity to accomplish policy initiatives that can either promote or inhibit credit unions from serving their members. That’s why the […]
Regulatory

Ohio shows united opposition to debit interchange rule

Cards, compliance, and cybersecurity all have a cost, and that is why the League submitted a comment letter expressing serious concern and vehement opposition to the Federal Reserve’s proposal to […]
Member Benefits

Trending on Huddle: Are you a part of the discussion?

Connecting and collaborating are part of what makes the Credit Union Movement unique to financial services and continue to be a cornerstone of its collective success. The League’s online community, […]