America’s credit unions and their more than 135 members vehemently oppose the Credit Card Competition Act, CUNA Deputy Chief Advocacy Officer Jason Stverak wrote to all members of Congress Friday. CUNA and Leagues have issued an action alert for stakeholders to send messages of opposition to the bill, which would impose new credit routing mandates..
“These bills are nothing more than the largest retailers asking Congress to extend a failed government regulation to credit cards. All in an effort to limit their costs and add to the growth they have achieved on the backs of small businesses and consumers during the pandemic. And just like the debit card interchange legislation passed in 2010, any so-called “exemptions” for smaller financial institutions won’t work. The proposed changes to the credit card system threaten consumer data security and privacy as well as the availability of much needed credit for consumers.continue reading »