Ahead of Federal Reserve Chair Jerome Powell's upcoming semiannual monetary policy report to Congress, the Defense Credit Union Council (DCUC) urges Chairman Powell to endorse the Secure Payments Act (H.R. 7531), introduced by Rep. Blaine Luetkemeyer (R-MO), and support Senator Ted Budd’s (R-NC), recent proposal for a study on the debit card interchange fee cap.
Chairman Powell is scheduled to deliver his report before the Senate Banking, Housing, and Urban Affairs Committee and the House Financial Services Committee tomorrow and Wednesday, respectively.
DCUC continues to emphasize the critical role credit unions have in providing accessible financial services to their members, especially in underserved communities nationwide. DCUC remains concerned about the impact of debit interchange fee restrictions on these services and, consequently, on the financial security of all consumers.
For questions or comments, please contact Jason Stverak, DCUC Chief Advocacy Officer (CAO) at jstverak@dcuc.org. To learn more about DCUC’s advocacy, visit dcuc.org/advocacy.