Reg Z and floor rates on open-end loans

Interchange bill would ‘over-regulate’ working system

September 2, 2022

The last thing Congress should do right now is make life harder for consumers by imposing punishing regulations on their credit cards, Missouri State Rep. Phil Christofanelli wrote in The Missouri Times. Christofanelli wrote with concerns about the Marshall-Durbin interchange bill that CUNA, Leagues, and credit unions strongly oppose.

“Interchange fees are used by community banks and credit card companies to cover the cost of issuing cards, offer generous reward programs, and provide robust fraud protections,” he wrote, adding that the interchange system saved businesses and consumers more than $80 billion in fraud in 2021.

“Credit cards offer tremendous value, fraud protections, and convenience,” he added. “That’s all thanks to interchange fees. The last thing Congress should do is allow Washington to over-regulate a system that is working for consumers, businesses, and Missouri communities.”

CUNA issued an action alert calling on credit unions to send messages of opposition to Capitol Hill, resulting in more than 25,000 messages.

CUNA also launched a Member Activation Program (MAP) campaign encouraging credit unions to activate their members in opposition.