CUNA issued an action alert Tuesday calling on credit unions to share their concerns with the interchange bill introduced by Sens. Dick Durbin, D-Ill., and Roger Marshall, R-Kan. The bill would allow merchants to route payments through an unaffiliated network.
“This bill would allow merchants to bypass established secure payment networks. We strongly oppose it, as it’s a further handout to big box retailers at the expense of consumers,” said CUNA Deputy Chief Advocacy Officer Jason Stverak. “Routing mandates on credit cards will lead to less secure, less innovative, and higher-risk transactions for American consumers.
“We need to send a strong message to lawmakers that consumers, small businesses, and small community financial institutions will lose the most if this happens,” he added.
CUNA previously submitted a concerns to Durbin and Marshall, and continues to engage with Leagues and credit unions in opposition to the bill.