CUNA's Gose talks interchange advocacy, concerns

CUNA Chief Political Officer Richard Gose spoke with CUBroadcast on the latest credit union advocacy against the Durbin-Marshall-Gooden-Lofgren interchange bill, and why credit unions are so concerned with the bill. Gose encouraged viewers to contact policymakers to oppose the bill using CUNA's Grassroots Action Center. 

"They're trying to tell us credit unions and small community banks won't be affected because of the cap, but we saw the unintended consequences with the [Durbin Amendment]," he said. 

Consequences of the bill include:

• A lack of merchant savings passed to the consumer.
• The loss of card program profits. 
• Restrictions on access to credit. 
• Fee increases to recoup lost revenue.
• Consumer information privacy and security will be threatened.
• A new "not-so-seamless" payments experience.

CUNA, the American Association of Credit Union Leagues, and all state Leagues and Associations wrote to House and Senate leaders Wednesday outlining concerns and urging them to oppose the bill.