Opposing the "Big Box Bill"

CUNA, Leagues, and credit unions continue our push against the interchange bill—what we’re calling the “Big Box Bill”—in our engagement with members of Congress. We alerted credit union advocates with a call to action last week, and you have responded with more than 16,000 messages to Congress opposing the bill so far. We can't let up now.

CUNA joined organizations representing the entire financial services industry to point out that this bill would circumvent the free market to reward a small handful of favored payment networks, a manipulation of the marketplace that would lead to fewer consumer options, greater threats to privacy, and a playing field tilted against credit unions.

We need to keep up our efforts, letting members of Congress know this bill is bad news and would be an even more costly repeat of the failed government policy that is the Durbin Amendment.

If you haven’t already, make sure you send a message of opposition through CUNA’s Grassroots Action Center.

Credit unions can also use our Member Activation Program to go out to members—the ones who would see major changes to their credit cards—to activate them against this bill.

The restaurant lobby is in Washington, D.C., next week in full support of this bill, and we’re already preparing to directly counter their arguments in our own engagement with Congress.

OPPOSE THE 'BIG BOX BILL' HERE

Recognizing the Juneteenth holiday

Monday marks the third year Juneteenth is recognized as a federal holiday to commemorate the day enslaved Black people in Galveston, Texas learned about their freedom. CUNA offices will be closed Monday, June 19 in recognition of the holiday.

Credit unions recognized with President’s Volunteer Service Award

National Credit Union Foundation Executive Director Gigi Hyland accepted a Gold U.S. President’s Volunteer Service Award on behalf of credit unions. The Gold level recognizes more than 6,000 volunteer hours performed with Junior Achievement USA, an organization focused on youth financial literacy. Thanks to all whose time went into this recognition. This work helps lay a foundation of strong financial habits for our youngest members.

Read more here

World Council Addresses UN group

The World Council of Credit Unions addressed the United Nations Department of Social and Economic Affairs (UN DESA) Expert Group Meeting on credit unions’ role in international financial inclusion efforts, especially in underserved communities. They also pointed out how credit unions finance small and grassroots cooperatives around the world, which aids the UN DESA in its mission.

Read more here

CDRLF grant round open through June 30

Low-income and Minority Depository Institution credit unions have until June 30 to apply for Community Development Revolving Loan Fund (CDRLF) grants from NCUA. The agency will administer approximately $3.5 million in grants in five categories and two pilot initiatives.

Learn about CDRLF grants here

Keeping bank priorities out of NDAA

Members of the House and Senate Armed Services Committee began marking up the FY24 National Defense Authorization Act (NDAA) at the subcommittee level this week. We reached out to the leadership of both committees to oppose the banks’ efforts to use this must-pass defense bill as a shortcut to increase their profit margins. We expect banks to push for the same lease privileges credit unions have earned, but we’ll continue to oppose this as the legislation moves through the process.

Read our letter here

More from 360-degree advocacy

• We shared ways to improve the Consumer Financial Protection Bureau’s (CFPB) rulemaking processes and structure before Director Rohit Chopra’s testimony before House and Senate committees.
• Federal regulators released their Spring 2023 unified rulemaking agenda, which includes an overdraft pre-rule and credit card late fee final rule from the CFPB and a digital assets proposed rule and subordinated debt final rule from NCUA.?
• We filed comments for the Federal Housing Finance Agency’s regulatory review with suggestions on how it can ensure access to lenders of all sizes.?