Fighting the big box interchange bill
Jim Nussle
Chief Executive Officer, AMERICA’S CREDIT UNIONS. Our mission is to advocate for and advance an environment where credit unions thrive.
This week the so-called Credit Card Competition Act was introduced in the House and Senate. Though unfortunate, it’s no surprise. CUNA, Leagues, and credit unions have been preparing for this moment since the start of the new Congress.
CUNA Deputy Chief Advocacy Officer Jason Stverak reached out to Congress to start the week. He reminded them that the current interchange system works for all involved and noted that any changes would harm access to credit.
We followed up with strong letters of opposition to congressional leaders the day the bill was introduced and launched an action alert as soon as it dropped.
We need all stakeholders to send messages of opposition to show the very real harm this bill will bring to financial institutions, consumers, and small businesses, just to give big box retailers a bigger slice of the pie.
We followed up with additional communications to Congress this morning, detailing why this bill should be called the “Big Box Bill,” and we’ll engage in the coming days with new data showing how this bill would increase consumer costs and reduce safety.
We managed to keep this bill from moving forward in the last Congress—including preventing it from being attached to must-pass legislation—and we’ll stand strong against it in this Congress.
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