Capital Corner: A guide to 2024, Capitol Hill edition

Last month I looked ahead at 2024 from a regulator’s perspective—what can defense credit unions expect from NCUA and CFPB? This month I am going to lay out (guess) what Capitol Hill is going to do on credit unions, and what that will mean for your credit union.

Here are some issues that could be on the Congressional menu in 2024:

Credit Card Competition Act: the so-called “Durbin Amendment” would create price controls on credit card transactions by allowing retailers to use cheaper, less reliable, and less-secure payment rails. It would build on the unworkable Durbin debit caps from 2010, and Senators Richard Durbin (D-IL) and Roger Marshall (R-KS) have introduced legislation to achieve that dubious goal.

That’s the bad news. The good news is that this bad bill appears to have stalled, at least in part because credit unions have told Congress in no uncertain terms that the Durbin bill is NOT pro-consumer, it would degrade data security and privacy.

 

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