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League Continues Outreach to Federal Lawmakers on Interchange, Overdraft & More

Authored By: Lewis Wood on 8/22/2022

Your League today continued its push to reach every member of Virginia's Congressional delegation to discuss the long list of credit unions' federal legislative priorities. In meetings today with the offices of Sen. Tim Kaine and Rep. Gerry Connolly (D-11), we covered a range of issues and legislation, highlighting credit unions' position on:

  • Interchange Legislation (Credit Card Competition Act of 2022 – S. 4674) - (Your League opposes this legislation);
  • Overdraft Legislation (Overdraft Protection Act of 2021 – H.R. 4277) – (Your League opposes this legislation);
  • Third Party Examination (Improving Cybersecurity of Credit Unions Act of 2022 – S. 4698) – (Your League opposes this legislation); and
  • Board Modernization Legislation (Credit Union Board Modernization Act – H.R. 6889 and S. 4325) – (Your League supports this legislation).

Each of these issues is important, but we are gravely concerned about the interchange legislation -- Credit Card Competition Act -- and urge credit unions to voice their concerns! The legislation poses a serious threat to sensitive financial data for millions of consumers by allowing the nation’s largest retailers to bypass established secure payment networks. Take action now and contact your lawmakers.

In addition to the offices of Sen. Kaine and Congressman Connolly, we've also reached Reps. Bobby Scott (D-3), Ben Cline (R-6), Don Beyer (D-8), and Morgan Griffith (R-9).

We have meetings scheduled this week with Rep. Elaine Luria’s office (D-2) (Aug. 23); a followup meeting with Rep. Scott (D-3) (Aug. 25); Rep. Don McEachin (D-4) (Aug, 25); Rep. Bob Good (R-5) (Aug. 29); and Rep. Jennifer Wexton (D-10) (Aug. 25). If you are interested in being a part of these meetings, please contact your League's CeJae Vtipilson.

We are in the process of scheduling meetings with the remaining members of our delegation.

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