WASHINGTON—CUNA, NAFCU and nine financial trade associations have written to Congress in opposition to what they are calling “big-box bailout legislation” potentially being added as an amendment to the fiscal year 2024 National Defense Authorization Act (NDAA), ahead of the House passing its version of the defense bill.
The FY2024 National Defense Authorization Act (NDAA) was considered in the House and Senate last week. The House considered nearly 1,400 amendments that did not include interchange language, though Sens. Dick Durbin (D-IL), Roger Marshall (R-KS) and Peter Welch (D-VT) are expected to introduce it as an amendment to the Senate version.
The three members of Congress are all primary co-sponsors on the Credit Card Competition Act that is strongly opposed by credit unions.
‘Robbing’ Military Families
“These non-germane amendments will rob military families of their credit card rewards, reduce the availability of safe credit, and undermine the nation’s data security,” the letter states. “They have been filed with the goal of enriching the largest multinational retailers and obscure payments processors and have no business being added to annual legislation designed to bolster our national defense. Both proposals are complex and flawed and in need of the scrutiny of regular order in the respective committees of jurisdiction. These highly contentious and divisive amendments directly involve the interests of various committees with judicial, federal prudential, and international trade oversight.”
Privacy Violations Alleged
The letter also notes the amendments would violate the privacy of service members and their families, as well as waste taxpayer resources and duplicate existing data.
“The federal government’s attempt to impose price controls by regulating interchange through the Durbin Amendment is the purest example of a failed government policy,” the letter reads. “Congress should not double down on this failure in this year’s NDAA, especially considering it is not germane to this bill.”
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