CUs Urged to Write Sens. Warner, Kaine in Opposition to Move to Attach Interchange Bill to NDAA
Credit unions: We are urging you to write Sens. Mark Warner and Tim Kaine in opposition to the interchange bill being included as an amendment to the National Defense Authorization Act (NDAA).
As expected, Sens. Dick Durbin, D-Ill., Roger Marshall, R-Kan., and Peter Welch, D-Vt. introduced interchange as an amendment to the Senate version of the NDAA (Amendment 862).
We are adamantly opposed to the interchange bill -- the Credit Card Competition Act (CCCA) of 2023 -- which would dramatically alter the current credit card interchange system and decrease payment security by empowering retailers to bypass established secure payment networks at the expense of consumer data privacy.
"Your League continues to work closely with our system partners to oppose any move to advance credit card interchange legislation, whether through the NDAA or otherwise," said Virginia Credit Union League President/CEO Carrie Hunt. "Given the interchange bill's harmful impacts on credit unions, consumers, and businesses, it's critical that credit union advocates remain engaged on this issue."
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