WASHINGTON— The Secure Payments Act, which would halt implementation of the Federal Reserve’s debit interchange proposal until its impact can be studied, is getting support from America’s Credit Unions.
The legislation was introduced by Sen. Ted Budd’s (R-NC) this week, with the Defense Credit Union Council having already shared its support for the bill.
“Credit unions need access to as many resources as possible to provide critical services in rural and underserved communities across America, and we’ve already seen that debit interchange restrictions limit those resources and ultimately hurt consumers,” America’s Credit Unions President/CEO Jim Nussle said in a statement. “The Federal Reserve’s proposal to reform all three components of the Regulation II interchange fee cap deserves a study to fully understand its potential consequences. Senator Budd has been a friend in this fight, and we thank him for introducing a commonsense piece of legislation that will bring real time data and evidence to the Federal Reserve’s effort. America’s Credit Unions looks forward to supporting policies that allow people to live their best financial lives.”
Support From Carolinas League
The Carolinas Credit Union League (CCUL) and several North Carolina credit unions have also written in support of the bill.
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