Defense Credit Union Council (DCUC) urges Federal Reserve Chair to support Secure Payments Act (H.R. 7531)
WASHINGTON, DC (July 8, 2024) — Ahead of Federal Reserve Chair Jerome Powell’s upcoming semiannual monetary policy report to Congress, the Defense Credit Union Council (DCUC) urges Chairman Powell to endorse the Secure Payments Act (H.R. 7531), introduced by Rep. Blaine Luetkemeyer (R-MO), and support Senator Ted Budd’s (R-NC), recent proposal for a study on the debit card interchange fee cap.
Chairman Powell is scheduled to deliver his report before the Senate Banking, Housing, and Urban Affairs Committee and the House Financial Services Committee tomorrow and Wednesday, respectively.
DCUC continues to emphasize the critical role credit unions have in providing accessible financial services to their members, especially in underserved communities nationwide. DCUC remains concerned about the impact of debit interchange fee restrictions on these services and, consequently, on the financial security of all consumers.
For questions or comments, please contact Jason Stverak, DCUC Chief Advocacy Officer (CAO) at jstverak@dcuc.org. To learn more about DCUC’s advocacy, visit dcuc.org/advocacy.
About Defense Credit Union Council (DCUC)
The Defense Credit Union Council is the trusted resource for credit unions on all military and veteran matters. By maintaining a close and constant liaison with the Pentagon, Capitol Hill, and NCUA, the Council champions the interests of credit unions serving our military and veteran communities by coordinating policy, procedures, and legislation impacting morale and welfare, financial readiness, and the delivery of quality financial products and services. Organized in 1963, the Council’s membership is comprised of more than 180 credit unions with over 37 million members. If you would like more information about this topic, please contact DCUC at hlaverty@dcuc.org.
