WASHINGTON—Small business owners are sharing their concerns over the Credit Card Competition Act in a new video message sent to Congress this week by America’s Credit Unions.
President/CEO Jim Nussle re-emphasized the ongoing credit union opposition to interchange legislation (S. 1838/H.R. 3881), and urged lawmakers to watch the videos and hear directly from the “business owners, financial services experts, and other stakeholders who support credit card systems in place and the protections they provide.”
“This legislation will enrich big box retailers while harming consumers, small businesses and community institutions like credit unions by creating a back-door price control on interchange fees and disrupting a well-functioning credit card market,” Nussle wrote. “Interchange is the cost of accepting credit cards and the benefits that come with them. Many small business owners depend on a safe, secure well-functioning credit card network to build their business and grow.
“This interchange legislation threatens their livelihood,” he added.
The association has also released a longer form video to address what it is calling “misinformation” about interchange controls.
Reminder on Flood Insurance
Separately, America’s Credit Unions sent a letter to the Senate Banking Committee supporting the long-term reauthorization of the National Flood Insurance Program (NFIP), with the trade group suggesting reforms it said will improve the program.
Ahead of a hearing this week on the reauthorization of the NFIP, ACU encouraged the committee to ensure:
- The cost of flood insurance premiums are rooted in the actual flooding risk of the property
- The refunding of premiums paid on properties inadvertently included in special flood hazard areas
- The reduction of premiums based on the implementation of flood mitigation steps
Reforms Supported
The letter further notes ACU supports reforms that would make premiums more affordable, including a new risk calculating methodology “to create a more equitable and sustainable flood insurance program by addressing rating disparities.”
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