Emphasizing credit union priorities over August recess

Congress is officially in its August recess, but there’s plenty on credit unions’ to-do list, which includes connecting with legislators back in their home district to highlight credit union priorities.

We wrote to House and Senate leaders earlier this week in strong opposition to a bill that would shift fraud liability to credit unions and other financial institutions under the Electronic Fund Transfer Act.

The bill—aimed at combating recent Zelle fraud—would impose severe costs on credit unions and dramatically affect their ability to absorb future losses. Credit unions would suddenly be on the hook for everything from undelivered goods, erroneously entered information, and other scenarios they have no control over.

While this bill is unlikely to go anywhere this Congress, it’s important credit unions are on the record opposing this legislation to help stop any momentum in its tracks. We’ve issued an action alert to call for letters of opposition to the bill so Congress knows exactly where we stand when it returns in September.

 

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