NAFCU’s widely read NAFCU Today is credit union leaders’ go-to source for the latest on issues impacting the credit union industry. Here’s a look back at the top news stories of 2022 and how NAFCU’s advocacy team fights for credit unions in Washington.
Efforts to extend the “Durbin Amendment” to credit cards
After Sens. Dick Durbin, D-Ill., and Roger Marshall, R-Kansas, introduced legislation in July – the Credit Card Competition Act (CCCA) of 2022 – that would have extended debit interchange routing requirements to credit cards, NAFCU President and CEO Dan Berger hit back in a letter to the Senate outlining the negative impacts of imposing any new caps or restrictions on interchange fees.
“The Credit Card Competition Act of 2022 is not about competition,” wrote Berger. “It is about increasing the profits of big box retailers at the expense of consumers and financial institutions by creating government intervention in a free market and establishing a back-door price control on the credit card system.”
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