The interchange fight continues

by Jim Nussle, The Nussle Report

The CUNA-League system continues to fight against the Big Box Bill, heading off misguided and ill-informed arguments in favor of telling policymakers the very real consequences for everyone but the big box retailers.

This week, we:

  • Joined the American Association of Credit Union Leagues and all state Leagues and Associations to tell Congressional leadership this bill would be a repeat of the failed government policy that is the Durbin Amendment.
  • Wrote to all members of Congress in advance of restaurant lobby visits in support of the bill, encouraging members to ask questions about the costs of data breaches, merchants’ spotty data security record, and the lack of consumer savings post-Durbin Amendment.
  • CUNA Chief Political Officer Richard Gose appeared on CUBroadcast to share how the bill will limit card issuers’ income from interchange fees and the subsequent negative impact on access to credit.

More than 20,000 credit union stakeholders have let their members of Congress know this bill fixes a problem that doesn’t exist. Thanks to all who have sent a message, engaged the media, or gone out to your members about the very real damage this bill would do to the credit card system.

 

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