A bill introduced in Congress that would allow merchants to bypass established secure payment networks and instead route payments through an unaffiliated network has drawn concerns from CUNA, leagues, and credit union leaders.
“The so-called Credit Card Competition Act is nothing more than a massive financial windfall for big box retailers at the expense of consumers,” says CUNA President/CEO Jim Nussle. “This legislation would jeopardize access to safe, affordable credit.”
Interchange fees cover the costs of fraud detection, credit monitoring, and fraudulent purchase protection, which keeps consumers, merchants, and financial institutions safe.
In this episode of the CUNA News Podcast, CUNA Managing Editor Jennifer Plager speaks with Richard Gose, CUNA’s chief political officer, and Madison Rose, CUNA’s director of advocacy and counsel.
They discuss the bill’s details and how it’s different from previous legislation, the impact the bill would have on credit unions and members, CUNA’s response, and more.
Credit Union Rock Stars are outstanding credit union professionals and directors from a wide range of disciplines who inspire and innovate to advance the missions of their credit unions. The 25 members of the 11th class of Rock Stars were selected for their exceptional creativity, innovation, and passion.
