CUNA Opposes Senate Interchange Bill

July 28, 2022

July 28, 2022
Washington, D.C.

Credit Union National Association (CUNA) adamantly opposes the Credit Card Competition Act, which poses a serious threat to sensitive financial data for millions of consumers by allowing the nation’s largest retailers to bypass established secure payment networks. 

CUNA and other organizations within the financial services sector issued a joint statement outlining our concerns earlier Thursday. 

“The so-called Credit Card Competition Act is nothing more than a massive financial windfall for big box retailers at the expense of consumers,” said CUNA President/CEO Jim Nussle. “This legislation would jeopardize access to safe, affordable credit.”  

“CUNA, Leagues, and credit unions will fight against any legislative changes to the current operation of credit and debit cards.”   

Interchange fees cover the costs of fraud detection, credit monitoring, and fraudulent purchase protection, which keeps consumers, merchants, and financial institutions safe.  

CUNA outlined these concerns in a May letter to the Senate Judiciary Committee and sent an additional letter with the American Association of Credit Union Leagues and all state Leagues.


About CUNA:           
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 130 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit To find your nearest credit union, visit

Kandie Stroud
CUNA Communications