DENVER, CO (June 4, 2026) |
Credit unions applauded Governor Jared Polis’ veto of SB26-134, the “Credit Card Chaos” Bill that would have created significant operational challenges and unintended consequences for consumers, small businesses, and financial institutions across the state.
The bill would have disrupted the payments system that millions of Coloradans and travelers rely on every day, creating confusion and added costs at checkout while increasing compliance burdens for credit unions and local merchants alike.
“This veto protects Colorado consumers from unnecessary disruption and preserves a secure, efficient payments system,” said Troy Stang, President and CEO of GoWest Credit Union Association. “As financial partners to more than 2.8 million Coloradans, credit unions support policies that lower costs and improve financial access for families and small businesses. We greatly appreciate Governor Polis’ significant investment of time and attention to fully understand the perspectives of all involved in this system and ultimately act in a way that benefits all Coloradans, not just the world’s biggest retailers.”
“A prohibition on interchange fees shifts the payments system away from consumers and toward retail giants who stand to reap the benefits,” said Scott Simpson, President and CEO of America’s Credit Unions. “America’s Credit Unions applauds Governor Polis for taking a principled stand against this costly and chaotic policy. With ongoing litigation and increasing federal preemption, this would have mired Colorado in years of legal uncertainty and operational chaos while other states moved forward to increase the safety and effectiveness of the payment system. While we are grateful for this result, our organization remains vigilant and active in combatting any attempt to upend the national payments system.”
Colorado’s credit unions played a critical role throughout the legislative process, engaging lawmakers and educating stakeholders about the real-world impacts the proposal would have had on members, businesses, and the broader financial ecosystem.
Credit unions from across the state testified in committee hearings, signed letters, activated grassroots advocacy campaigns, met directly with legislators, participated in media outreach, engaged community partners, and mobilized employees and members to ensure policymakers understood the operational and consumer impacts of the legislation.
“We are incredibly grateful to the credit unions, advocates, and partners such as America’s Credit Unions that stepped up throughout this process,” said Stang. “This effort demonstrated the strength of Colorado’s credit union movement and the importance of coordinated, on-the-ground advocacy. Our industry showed up with facts, member stories, and a shared commitment to protecting consumers and preserving affordable financial services.”
Throughout the session, credit unions emphasized that while frustrations with large payment networks and rising costs are real, this legislation would have placed community-based financial institutions and Colorado consumers in the middle of a complicated payments dispute without solving the underlying issues.
Colorado credit unions remain committed to working with policymakers on practical, consumer-focused solutions that strengthen affordability, protect access to financial services, and support local economies.