WASHINGTON–CUNA is reporting it sought to articulate the credit union position on card interchange during the recent National Conference of State Legislatures Summit in Indianapolis.
While credit unions have said “job one” in the current Congress is stopping the Credit Card Competition Act, similar legislation aimed at interchange has also emerged in several state legislatures, as well.
Richard Gose, CUNA’s chief political officer, who attended the NCSL Summit, said the trade group joined with the Electronics Payments Coalition to co-host a “learning lab” on the issue that drew between 80 and 100 attendees.
“We will continue with that message of how interchange is important to credit unions and how we use those dollars to make sure that we have ensured the (security of member data) and how we've extended credit to as many people and members as possible, helping them to grow their credit and to establish solid credit,” Gose said. “Right now, 79% of credit unions offer secured cards programs and it's an important aspect of what we do to help our members become more financially healthy,” said Gose.
Gose added that with Congress set to return for its Autumn session, attention to the issue on the national level will continue as well, with delegations from Florida, Alabama, Georgia, Montana, North and South Dakota and Ohio all scheduled to hike the Hill in the near future.
‘Rolling Presence’
“We will have a fairly steady rolling presence throughout September,” said Gose. “It's an important issue for us and it's an important opportunity. Fifty percent of people carry at least two cards and it's important to have those folks know their card is secure and it’s going to be accepted.”
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