CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Credit Union Magazine
    • Buyers' Guide
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • 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
  • 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: Summer 2023

Summer 2023

Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
Digital Edition •  Subscribe

Trending

  • CUNA, League, credit union-opposed interchange bill reintroduced

  • CUNA, Leagues issue action alert in opposition to interchange bill

  • CUNA urges Congress to oppose interchange legislation

Tweets by CUNA_News

Polls

Do you think ChatGPT will become useful for credit unions?

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