Credit Unions Advocate Against New Interchange Legislation
New proposed legislation, called the Credit Card Competition Act, has recently been introduced in the United States Congress. If passed, this legislation would impose new credit routing mandates that would place more decision making in the hands of large retailers, while increasing risk for consumers, small businesses and credit unions.
From data breaches to skimmed cards, electronic payments are a prime target for fraudulent activity. Interchange fees not only protect consumers from data breaches by helping cover the cost of fraud detection, credit monitoring and fraudulent purchase protection, but they also support affordable access to credit. Changes to the current system would open up the option for big-box retailers to choose cheaper and less secure interchange networks.
The Credit Card Competition Act threatens credit unions’ ability to provide important services. As a valued member, we welcome you to call or email your Senator to encourage them to oppose the Credit Card Competition Act!
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