Call to Action: Credit Card Competition Act

Authored By: Kristen Williamson on 8/22/2022

Call to action!

Legislation has recently been introduced in Congress that is proposing changes to the current credit card interchange system. These changes could negatively impact financial institutions, small businesses and consumers.

Currently, card issuers, like Members First Credit Union, determine the network used for routing card transactions.

If passed, the “Credit Card Competition Act of 2022” (H.R. 4674) would transfer the decision of which network is used for processing card transactions from the financial institution to the retailer; paving the way for large retailers to potentially choose the least expensive credit card routing network, regardless of the vendor’s credibility for data security.

Although there are many issues to this proposed legislation, our credit union is most concerned about network stability and security. In other words, we want to be able to choose the most reliable networks in order to limit downtime and protect members’ card and personal data, above all else.

Our credit union, along with the Credit Union National Association and the Michigan Credit Union League, is choosing to oppose H.R. 4674*. If you would like to voice your concerns about this bill to your member of Congress, please click here. To read more about the bill, click here.

Credit unions were founded as not-for-profit, member owned cooperatives. As a partial owner of our credit union, we value your input. If you have any questions, please contact us at

*Members First Credit Union takes a bipartisan approach to all governmental relations. We advocate for credit union related issues, regardless of political party, as we are committed to keeping our member service and consumer security our upmost priority.

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