The Texas House Calendars Committee declined to schedule Rep. Giovanni Capriglione’s HB 3395 Interchange Bill for consideration for House floor debate before Thursday’s deadline. 

Introduced by Capriglione, HB 3395 sought to require that sales tax be excluded from the total amount on which an interchange fee is charged for a credit/debit card transaction. This is an 8+% transfer of income from card servicer to merchant.

The Cornerstone League’s recent Action Alert activated more than 900 Texans to voice their opposition to HB 3395. 

“This advocacy win is important not just for Texas credit unions, but for credit unions across the nation because frequently what happens in one state’s legislature will migrate to another state’s. This news is highly encouraging and a testament to the power of credit unions’ unified opposition to egregious legislation,” said Cornerstone League President/CEO Caroline Willard, who is also vice chair of CUNA's board of directors.  

“That HB 3395 won’t be reviewed on the House floor debate is great news for all credit unions,” said Gili Carter, executive director of Texas Credit Union Association. “While the fight isn’t over yet, our team will remain vigilant to ensure that none of the language from HB 3395 gets attached to any other bill.”

Willard added, “The punches landed in Texas and we’re getting close to the knockout, but it’s not over yet. We’ll share updates as they develop.”