TOPEKA, Kan.–While Kansas Sen. Roger Marshall (R) was in his home state meeting with merchants who support the interchange legislation he is co-sponsoring, the Sunflower State’s credit unions and banks moved to reissue a statement at the same time expressing their opposition.
As CUToday.info reports separately, retailers in Kansas and across the country, along with the Merchants Payments Coalition, have been praising the bill that would provide additional options for routing payments and which they claim will reduce costs.
The Kansas Bankers Association (and the Community Bankers Association of Kansas) also issued a joint statement saying the legislation, which is co-sponsored by Illinois Democrat Sen. Richard Durbin, “would have a chilling effect on banks’ ability to offer a diverse array of credit card products that consumers have come to value greatly.
“This proposal, which is falsely being touted as a mechanism to increase competition, will in fact reduce the ability of banks to provide the most innovative and most secure credit card products in today’s marketplace,” the bankers’ groups said. “Simply put, it will negatively impact banks and their customers, while bolstering the profits of big-box retailers and e-commerce giants that already benefit greatly from the strongest financial services network in the world.”
‘Replicated Across the U.S.’
Jason Stverak, CUNA’s deputy chief advocacy officer, said what took place with Kansas’ credit unions “is being replicated all over the country from California to Maine and Florida to Washington to help not just educate the retail public but the general public at large on the threat the legislation will be to average Americans and the availability of credit. Capitol Hill continues to be flooded with tens of off thousands of emails and calls talking about the threats of the legislation. August is not a time for credit unions to take a vacation. It’s when our grassroots efforts step up.”
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