Nussle to Congress: Marshall-Durbin bill will hurt consumers
CUNA President/CEO Jim Nussle wrote to all 535 members of Congress Wednesday in strong opposition of the credit card bill from Sens. Roger Marshall, R-Kan., and Dick Durbin, D-Ill. CUNA and Leagues issued an action alert last week and launched the “Protect My Card” campaign this week to encourage credit union advocates, employees, and members to send messages of opposition to Capitol Hill.
“It’s simple: if changes are made to the routing mandates on credit cards it will lead to less secure, less innovative, and higher-risk transactions for American consumers,” Nussle wrote.
“Keep in mind if this legislation is enacted, consumers, small businesses, and small community financial institutions will lose the most,” he added.
He highlighted the negative impacts on consumers including
- Less choice for credit cards
- Increased cybersecurity risks
- Increased prices
CUNA joined all Leagues, the American Bankers Association, and all state banking associations this week to voice strong opposition to the bill.