League Sends New Round of Letters to Congress on Interchange
Following the recent introduction of a House version of the Credit Competition Act of 2022 (H.R. 8874), your League sent a new round of letters to every member of our Congressional delegation, noting our opposition to the House and Senate legislation and to any proposed changes to the current payments system.
"This legislation would undermine the overall health and security of the U.S. payments ecosystem and have significant negative implications for consumers and small businesses," reads the League letter. "This effort by merchant groups to shift billions of dollars of consumer credit card spending to less secure, less innovative, and higher-risk transactions would make America’s payment system less secure and put consumers in a vulnerable position."
Merchants continue to press Congress to pass this legislation. Credit unions are pushing back, having generated tens of thousands of letters to Congress on the issue and making interchange a centerpiece of our advocacy efforts since the introduction of the Senate version (S.4674) in July.
Your League has met with every member of the state Congressional Delegation at least once on the interchange issue and state credit union champions have generated hundreds of letters and emails to Congress in opposition to the legislation.
Note: We've activated our Advocacy Action Center, which allows credit union advocates to easily contact lawmakers on the interchange issue. Click here to write your lawmakers!
- Related: League Engages With Senators on Interchange, Overdraft; Urges Lawmakers to Leave Current Systems in Place
- Related: League Amps Up Advocacy Initiatives on Interchange
- Related: League Continues Outreach to Federal Lawmakers on Interchange, Overdraft & More
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