Marshall-Durbin bill would repeat Durbin Amendment issues
Sens. Roger Marshall, R-Kan., and Dick Durbin, D-Ill. are meddling in banking networks that protect financial data, benefit consumers and provide fast, efficient transactions, wrote Spero Financial Credit Union President/CEO and Carolinas Credit Union League board member Brian McKay in The Post & Courier. The publication reaches the entire state of South Carolina, and McKay collaborated with the Carolinas Credit Union League on the piece.
“The tried-and-true channels are 99.999% reliable, provide stalwart defense of consumer data and guarantee payments to retailers,” wrote McKay, whose credit union is based in Greenville, S.C. “People entrust millions of dollars every second to banks and credit unions, and today’s longstanding, reliable system delivers. And with a range of card-rewards programs, everyone has a choice in which one best boosts their budget.”
Instead, the Marshall-Durbin bill would repeat the mistakes of the Durbin Amendment cap on debit card interchange bill that pushed payments costs onto smaller retailers, credit unions, and consumers.
“[The bill] repeats the Durbin Amendment’s theme of promises left unfulfilled. It invites heavy-handed intervention in efficient, effective systems to cheapen the handling of consumer payments,” McKay wrote. “And it is sure to negatively impact payment options, curb budget-extending rewards programs and free checking, and further disadvantage consumers and local businesses.”
CUNA, Leagues, and credit unions strongly oppose the bill. CUNA and Leagues issued an action alert calling on credit unions to send messages of opposition to Capitol Hill, resulting in more than 27,000 messages.
CUNA also launched a Member Activation Program campaign encouraging credit unions to activate their members in opposition.