CUNA President/CEO Jim Nussle reinforced how the Big Box interchange bill would negatively impact consumers, as Sens. Dick Durbin, D-Ill., Roger Marshall, R-Kan., and Peter Welch, D-Vt. work to stop any legislation from moving forward in the Senate unless it contains their bill’s language.
The three senators held a news conference on the flawed Credit Card Competition Act of 2023 this week.
CUNA President/CEO Jim Nussle stated, “This bill hurts hard-working Americans, increasing profits for the largest merchants at the expense of consumers, who will be at greater risk. Credit unions are working tirelessly to fight back against this big box bailout bill for a simple reason: the current interchange system works.
“The system works for regular consumers and Main Street businesses, who depend on the safety and security of the credit card system to both purchase and sell items using a credit card. Having a credit card option increases business for retailers. Credit unions use the small percentage of interchange generated by a purchase to improve options for consumers – data security, more fraud protection, and continued access to needed credit.
continue reading »