CUs Take Aim at Self-Styled Consumer Advocates in Credit Card Fight
CUNA, NAFCU counter arguments by prominent Republicans who support bills to limit credit card interest and swipe fees.
By Jim DuPlessis | September 22, 2023
Credit unions’ apparent battles against consumer advocates have broadened beyond the Consumer Financial Protection Bureau (CFPB) and progressive Democrats to include some high-profile Republicans.
CUNA and NAFCU’s latest target is consumer crusader U.S. Sen. Josh Hawley (R-Mo.), who is championing a bill to limit credit card interest rates to 18%. Banks and their credit union allies find the bill objectionable.
For readers unfamiliar with Hawley, his Senate bio says he previously served as Missouri’s Attorney General. “There he earned a reputation for taking on the big and the powerful to protect Missouri workers and families. He has battled big government and big business, special interests, organized crime, and anyone who would threaten the well-being of Missourians.”
Which now, apparently, includes credit unions.
Credit unions’ interest in Hawley was piqued earlier this month when he introduced his Capping Credit Card Interest Rates Act (S. 2760) as an amendment to a proposed “minibus” appropriations bill.
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