WASHINGTON—Credit unions are being urged by NAFCU to keep up their fight against having provisions from the Credit Card Competition Act inserted into the fiscal year 2024 National Defense Authorization Act (NDAA).
As CUToday.info has reported, the legislation is strongly opposed by credit unions, but just as equally strongly supported by the nation’s retailers.
The Senate voted this week to begin floor debate on the NDAA; Sens. Dick Durbin (D-IL) and Roger Marshall (R-KS) filed an amendment this week to try to attach their interchange bill (S. 1838, the Credit Card Competition Act) to the NDAA.
“This harmful legislation would regulate credit card interchange rates by requiring multiple routing networks for credit transactions, essentially extending the debit routing provisions of the Durbin Amendment to credit cards,” NAFCU VP-Legislative Affairs Brad Thaler wrote to credit unions. “While the bill text seeks to limit these new requirements only to institutions over $100 billion in assets, the history of the failed exemption in the Durbin Amendment has shown that market changes will negatively impact all institutions and essentially function as a backdoor price control on credit interchange for financial institutions.
‘Could Force a Vote’
“Sens. Durbin and Marshall could force a vote on this legislation in the next two weeks as the Senate works to wrap up its version of the NDAA, so the time to contact your Senators is now,” Thaler continued.
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