Credit Unions Urged to Oppose Interchange Bill

Credit unions are urged to contact their members of Congress to voice their concerns with the Credit Card Competition Act.

Capitol Dome 280x210If passed, the bill, introduced by Senators Dick Durbin (D-IL) and Roger Marshall (R – KS), would allow merchants to bypass established secure payment networks and route payments through an unaffiliated network.

Leagues and CUNA are concerned that changes to the current interchange system could impact card security for consumers and increase costs to small businesses, credit unions, and consumers.

Individuals are urged to email or tweet their members of Congress asking them to oppose any changes to the current interchange policy and sharing why it would be detrimental to credit unions, members, and consumers:

• Increased cost for consumers, CUs, and small businesses
• Increased cybersecurity risks
• Less choice for credit cards

You can use CUNA’s Grassroots Action Center to conveniently contact elected representatives and share your concerns.