CUNA and Leagues issued an action alert urging credit union stakeholders to oppose the Credit Card Competition Act, introduced Wednesday. The bill—introduced by Sens. Roger Marshall, R-Tenn., Dick Durbin, D-Ill., Peter Welch, D-Vt., and J.D. Vance, R-Ohio; and Reps. Zoe Lofgren, D-Calif., and Lance Gooden, R-Texas—would impose new credit routing mandates.

CUNA President/CEO Jim Nussle said the bill would “extend the failed policy of the Durbin Amendment and the resulting compliance burdens, additional costs to card issuers, and massive transfer of money to big box retailers.”

Messages can be sent through CUNA’s Grassroots Action Center, which will allow stakeholders to send their opposition to the bill to their elected officials.

CUNA also:

• Updated the interchange section of its advocacy priorities webpage, including a breakdown of the bill, and access to state-specific data and information.
• Wrote House and Senate leadership Wednesday morning detailing the numerous negative effects the bill would have on credit unions, consumers, and small businesses.