CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » Marshall-Durbin bill would repeat Durbin Amendment issues
Policy & Issues

Marshall-Durbin bill would repeat Durbin Amendment issues

September 14, 2022
instand issuance

Sens. Roger Marshall, R-Kan., and Dick Durbin, D-Ill. are meddling in banking networks that protect financial data, benefit consumers and provide fast, efficient transactions, wrote Spero Financial Credit Union President/CEO and Carolinas Credit Union League board member Brian McKay in The Post & Courier. The publication reaches the entire state of South Carolina, and McKay collaborated with the Carolinas Credit Union League on the piece.  

“The tried-and-true channels are 99.999% reliable, provide stalwart defense of consumer data and guarantee payments to retailers,” wrote McKay, whose credit union is based in Greenville, S.C. “People entrust millions of dollars every second to banks and credit unions, and today’s longstanding, reliable system delivers. And with a range of card-rewards programs, everyone has a choice in which one best boosts their budget.”

Instead, the Marshall-Durbin bill would repeat the mistakes of the Durbin Amendment cap on debit card interchange bill that pushed payments costs onto smaller retailers, credit unions, and consumers.

“[The bill] repeats the Durbin Amendment’s theme of promises left unfulfilled. It invites heavy-handed intervention in efficient, effective systems to cheapen the handling of consumer payments,” McKay wrote. “And it is sure to negatively impact payment options, curb budget-extending rewards programs and free checking, and further disadvantage consumers and local businesses.”

CUNA, Leagues, and credit unions strongly oppose the bill. CUNA and Leagues issued an action alert calling on credit unions to send messages of opposition to Capitol Hill, resulting in more than 27,000 messages. 

CUNA also launched a Member Activation Program campaign encouraging credit unions to activate their members in opposition. 

KEYWORDS interchange
Credit Union Magazine: Winter 2022

Winter 2022

Credit Union Magazine’s Winter 2022 issue highlights data-driven marketing, the board’s role in cybersecurity, elder abuse scams, credit unions’ auto lending advantage, and more.
Digital Edition •  Subscribe

Trending

  • House passes CUNA, League-led board modernization bill

  • CFPB issues CUNA-opposed proposal on credit card late fees

  • Key committee leaders supportive of credit union priorities

Tweets by CUNA_News

Polls

Vote for the 2023 CU Hero of the Year

View Results
More

Champion for the Credit Union Movement

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.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us