WASHINGTON—In a letter from America’s Credit Unions, members of Congress were asked to “push back” against the “Big Box Bailout bill”—a reference to the Credit Card Competition Act--and to explain why interchange works for consumers, financial institutions, and small businesses.
The message included testimonials from small business owners and credit union members Cindy Carver of Rapid City, S.D., and Cherella Lee of Spartanburg, S.C.
In their messages, the merchants said they recognize interchange is a cost of doing business—just like supplies—but it also helps them accept more payments from more customers, ACU said.
‘No Benefit’
“Despite claims by its sponsors, the Big Box Bailout” legislation – the Credit Card Competition Act – will not benefit Carver, Lee, or other small business owners,” stated America’s Credit Unions’ Jason Stverak and Greg Mesack in the letter. “Instead, the bill, which aims to extend a failed government mandate limiting debit card interchange to credit cards, would harm consumers and the financial institutions and small businesses that serve them.”
“The Credit Card Competition Act is nothing more than a government bailout for the largest retailers, allowing them to further pad their bottom line without any requirement to protect consumer data or respect consumers’ choice,” letter further stated.
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