WASHINGTON—Attaching the CU-opposed Credit Card Competition Act to the Senate FY23 National Defense Authorization Act (NDAA) is inappropriate, CUNA Deputy Chief Advocacy Officer Jason Stverak wrote to all 535 congressional offices.
"The attempt to tack the interchange amendments onto the FY23 National Defense Authorization Act is wholly inappropriate for a bill designed to fund our nation’s military and service members," the letter reads. "America’s credit unions and banks agree:these amendments are not relevant to the NDAA and would negatively impact America’s servicemembers and their families."
As CUToday.info reported, CUNA and other financial trade organizations wrote to Congressional leaders earlier last week opposing the interchange bill's inclusion in the NDAA, as well as the bill as a whole.
CUNA said it also has concerns with another NDAA amendment involving interchange, one requiring a study of interchange fees on bases. CUNA called this study "technically flawed" and unnecessary, and cautioned it would violate financial privacy of servicemembers.
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