CUNA and League-opposed interchange amendments were not part of the amendments ultimately included in the draft Senate FY23 National Defense Authorization Act (NDAA) this week. The Senate is expected to vote on the NDAA next month.
Sens. Dick Durbin, D-Ill., and Roger attempted to add their Credit Card Competition Act and an interchange study as amendments to the NDAA, which CUNA, Leagues, and credit unions strongly opposed.
“We’re pleased the interchange amendments were not included in legislation to support America’s servicemembers. America’s heroes deserve a bill that is focused solely on defense priorities,” said CUNA President/CEO Jim Nussle. “We continue to believe the Marshall-Durbin interchange bill would cause severe harm to the card payments landscape, by itself, but especially attached to a larger bill without even a single hearing.”
CUNA joined other financial services organizations calling on Congressional leaders to reject inclusion of the two amendments. CUNA Deputy Chief Advocacy Officer Jason Stverak also wrote to all 535 Congressional offices last week outlining why the amendments did not belong in the NDAA.
CUNA and Leagues issued an action alert to oppose the Credit Card Competition Act, resulting in more than 30,000 messages of opposition sent to Capitol Hill.