WASHINGTON—CUNA has issued an action alert calling on credit unions to share their concerns with the interchange bill introduced by Sens. Dick Durbin (D-IL) and Roger Marshall (R-KS). The bill would allow merchants to route payments through an unaffiliated network.
“This bill would allow merchants to bypass established secure payment networks. We strongly oppose it, as it’s a further handout to big box retailers at the expense of consumers,” said CUNA Deputy Chief Advocacy Officer Jason Stverak. “Routing mandates on credit cards will lead to less secure, less innovative, and higher-risk transactions for American consumers.
“We need to send a strong message to lawmakers that consumers, small businesses, and small community financial institutions will lose the most if this happens,” he added.
CUNA previously submitted its concerns via a letter to Durbin and Marshall. NAFCU has also expressed its opposition.
31 Winners in 38 Races
Separately, CUNA and its Credit Union Legislative Action Council (CULAC) are reporting that 31 of the 38 candidates to whom it provided financial support in this week’s primary races won those elections. The primaries took place in Arizona, Kansas, Michigan, Missouri, and Washington. Tennessee is holding its primary today.
CUNA said in Michigan it backed nine successful candidates, in Arizona it supported three who won their races, in Kansas and Missouri it backed four people in each state who won, and in Washington it backed 11 candidates who are now moving on to the general election.
CU-Backed Candidates Who Didn’t Win
Among the races CULAC had earlier said it would be watching closely and to whom it provided financial support to candidates who did not win:
- In Michigan, incumbent Rep. Peter Meijer, who voted to impeach former President Donald Trump after the Capitol riot, lost to challenger John Gibbs.
- Also in Michigan, Democrat Sherry Gay-Dagnago lost her bid for a House seat, with Shri Thanedar winning the most votes with 28.3% of the vote.
In today’s primary in Tennessee, CULAC is backing Republican Rep. Beth Harwell.
More Than $250K Spent
CUNA’s Trey Hawkins, deputy chief advocacy officer for political action, said CULAC spent $267,000 on candidates in this week’s primaries.
CULAC reported that it and the respective state leagues have backed 255 “credit union champions” with a 97% success rate this election cycle.