NAFCU, Treasury talk interchange concerns
NAFCU met with Treasury officials Tuesday to discuss the Credit Card Competition Act (CCCA) and the negative impact it would have on credit unions and their members by extending the Durbin amendment’s debit interchange network routing requirements to credit cards.
NAFCU Senior Vice President of Government Affairs Greg Mesack, Vice President of Legislative Affairs Brad Thaler, and Vice President of Regulatory Affairs Ann Petros met with Treasury Deputy Assistant Secretary for Financial Institutions Felton Booker and other Treasury staff.
NAFCU has consistently advocated against the CCCA, arguing that expanding the Durbin amendment is an attempt by retail groups to route credit transactions to the cheapest networks – many of which have underinvested in their platforms with little concern for security innovations – leaving the burden on consumers, small businesses, and financial institutions to clean up when things go wrong.
NAFCU is currently fighting against efforts to attach interchange amendments to the NDAA, and related amendments were not included in the Senate substitute, marking a win for the credit union industry. NAFCU urges credit unions to continue to use NAFCU’s Grassroots Action Center to speak out against the CCCA by sending a message to their lawmakers requesting them to oppose the harmful legislation.
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