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Home » Changes to credit card system would undermine economy
Policy & Issues

Changes to credit card system would undermine economy

August 3, 2021
Reg Z and floor rates on open-end loans

The credit card system works, and plays an integral role in the U.S. economy, CUNA Chief Advocacy Officer Ryan Donovan wrote to all 535 Congressional offices Tuesday. The message was sent as proposals have been discussed that would expand the interchange cap for debit cards to credit cards, a change CUNA strongly opposes.

“Credit unions do more than find individualized solutions for those hit hardest by the pandemic’s economic effects,” the message reads. “Millions of people across the country rely on their credit union’s credit card services to guarantee that their everyday purchases can be made, like putting food on the table and making sure the back-to-school shopping is done… As you meet with local credit unions and your state’s credit union League this summer, please remember the integral role credit cards play in our nation’s economy.”

CUNA wrote to House Financial Services Committee and Senate Banking, Housing, and Urban Affairs Committee leaders in July saying that any change to the Durbin Amendment would undermine the payments ecosystem.

Credit Union Magazine: Spring 2023

Spring 2023

Credit Union Magazine’s Spring 2023 issue features the 2023 Credit Union Heroes and examines CUNA-League advocacy priorities, board leadership, the impact of financial well-being efforts, fee-related compliance issues, predictions for the year ahead, and more.
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Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

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