CUNA and other organizations wrote in strong opposition to attaching the Credit Card Competition Act to the FY23 National Defense Authorization Act (NDAA) in a letter to Congressional leaders sent Tuesday. Sens. Roger Marshall, R-Kan., and Dick Durbin, D-Ill., attached the bill—which CUNA, Leagues and credit unions strongly oppose—as an amendment to the NDAA.
The organizations note the interchange bill is a “non-germane amendment that will rob military families of their credit card rewards, reduce the availability of safe credit, and undermine the nation’s data security.”
The organizations note the interchange bill has not gone through regular Congressional order, including a hearing, before being added.
“The CCCA will not increase competition in the credit card marketplace, but it will benefit multi-national retailers at the expense of consumers and community financial institutions, including those serving members of the military,” the letter reads.
The organizations are also concerned with an “impractical, technically flawed, and unnecessary” amendment requiring study of interchange fees charged on military bases. They believe it would violate financial privacy of servicemembers and duplicate existing data.