WASHINGTON—America’s Credit Unions and numerous state CU leagues are part of a coalition that has launched a new campaign to highlight “united opposition against big box bailout interchange legislation.”
The reference is to the Credit Card Competition Act that is currently before Congress. The groups, which also include state and national bank trade groups, say they represent 10,000 financial institutions across all 50 state
The groups are part of the “Electronic Payments Coalition,” which is backing the campaign’s use of digital displays and video ads to focus on what they say is the “negative impact this legislation would have on credit unions and community banks, regardless of the so-called “carve-out” for smaller financial institutions.”
The campaign will also call out the failure of the legislation’s so-called “carve-out” for community banks and credit unions, according to the organizations.
‘History Repeats Itself’
“With 140 million American consumers relying on credit unions to provide safe and affordable products to maintain a healthy financial lifestyle, the big box bailout that Senators Durbin and Marshall are pushing will throw a wrench in services our industry provides in underserved and rural communities,” said America’s Credit Unions President and CEO Jim Nussle. “Credit unions use the small percentage of interchange generated by a purchase to improve options for consumers – data security, more fraud protection, and affordable, reliable access to needed credit. They say history repeats itself, and this latest push on Durbin 2.0 will have detrimental effects on Main Street small businesses and consumer wallets that are already feeling the stretch.”
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