New interchange research shows legislative efforts to disrupt the “safe, secure and well-functioning credit card system” with the Big Box Bailout bill would hurt people that bill sponsors claim it would benefit, America’s Credit Unions wrote to members of Congress Wednesday.
“If Congress passes this flawed interchange bill, there are six distinct consequences to American families and small businesses,” wrote America’s Credit Unions’ Greg Mesack and Jason Stverak. “All while helping the nation’s largest big box retailers make more profits off the people in your state and communities.”
According to the research included in the message, the bill would:
- limit consumers’ access to unsecured credit via safe financial institutions like credit unions, leaving more Americans financially vulnerable to alternatives like payday lenders;
continue reading »