CUNA Deputy Chief Advocacy Officer Jason Stverak appeared on the Live Richer podcast recently to discuss negative effects of the Credit Card Competition Act. CUNA, Leagues, and credit unions prevented the from moving forward in the previous Congress, despite efforts to include it in must-pass end-of-year legislation.
Rural residents know what it’s like to live far away from physical financiual institution branches, CommunityAmerica Credit Union CEO Lisa Ginter wrote in The Tennessean, but the Credit Card Competition Act would cause losses of credit cards and other financial services.
The real winners under the Credit Card Competition Act would be big box retailers, Scott Zahnle, CEO of Greater Iowa Credit Union wrote in The Des Moines Register, adding that it would be a "disaster for almost everyone it affects, especially consumers."
The Credit Card Competition Act would harm consumers and take money out of their pocket, Eglin Federal Credit Union President/CEO Jerry Williams wrote in The Capitolist, also objecting to attempts to attach the bill to the National Defense Authorization Act.
The Credit Card Competition Act puts credit union service to its members and communities in jeopardy, wrote Dade County Federal Credit Union President/CEO George Joseph in The Floridian, adding the bill would provide a handout to retailers at expense of data privacy and access credit.
CUNA highlighted strong opposition to the interchange bill from Reps. Lance Gooden, R-Texas, and Peter Welch, D-Vt in a letter warning the bill would reduce access to credit, increase security risks associated with credit card use, and limit credit card rewards programs.
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 Brian McKay in The Post & Courier.
Kansas credit unions and banks issued a statement of opposition to the Marshall-Durbin interchange, which CUNA Deputy Chief Advocacy Officer Jason Stverak said is part of efforts to educate the public in the bill's harmful effects.