The big box interchange bill would have major negative impacts on credit unions, community banks, and the people they serve, Montana Reps. Steve Gunderson, R, and Ron Marshall, R, wrote in the Flathead Beacon this week.
There's no evidence of the benefits claimed by supporters of the big box interchange bill, Maine Credit Union League Vice President of Governmental Affairs Robert Caverly wrote in the Portland Press Herald Wednesday.
Big box retailers are seeking a bailout from consumers, and some members of Congress thing that's a good idea, CUNA President/CEO Jim Nussle wrote Monday in The Miami Herald.
The Federal Reserve published its interchange proposal Tuesday in the Federal Register with a comment deadline of Feb. 12. CUNA, Leagues, and credit unions strongly oppose changes to the current interchange system and are collaborating on a response with other financial services stakeholders.
Interchange proposals being considered in Washington, D.C., will make using credit cards riskier and more expensive, wrote Kathy Harrington, president of Heartland Credit Union, Inver Grove Heights, Minn., in the Brainerd Dispatch this week.
The proposed changes to credit card interchange in the big box interchange bill are a big concern for credit unions in how it would impact the 137 million members they serve nationwide, CUNA wrote to all members of Congress Tuesday.
The Federal Reserve issued a proposal Wednesday to make significant changes to the current debit card interchange cap. CUNA strongly opposes any changes—legislative or regulatory—to the current interchange system.
Florida Politics highlighted credit union pushback against certain state-level interchange bills, citing recent CUNA research on drawbacks of exempting interchange fees from tax calculations. Florida state legislators proposed such a bill during the 2023 legislative session, which ultimately did not move forward.