Interchange continues to be topic number one on the advocacy front.
The restaurants were in Washington last week, beating the drum for the need for the Credit Card Competition Act (CCCA). Your League and CUNA sent a letter [PDF] to the Hill detailing the problems with this legislation and the harm it will do to consumers.
One question we’ve received from a lot of offices is about exemption. The bill “exempts” institutions under $100B, so many have asked, “Aren’t all credit unions exempt?” We’ve seen exemptions on interchange legislation before, and they don’t work—see a detailed explainer on the issue with the exemption.
As the summer continues, we will monitor this legislation and continue educating lawmakers about its extreme pitfalls.
What can you do?
The League has sent out an action alert that can be shared with your employees and members if you choose to do so. We are also working on regional co-branded press releases – let us know if you’d like to participate!
In Other Advocacy News
The Senate Banking Committee held a markup last week (the first markup since 2017) on executive compensation clawback – the bill passed out of committee 21-2 and stands a chance of passing the Senate, but its prospects in the House are unclear. Of note in this hearing is that Senator Daines (R-MT) brought up the issue of our CDFI Testimony Bill and made comments in favor of this legislation. He is expected to introduce a Senate version of our bill that we’ve worked with Congressman Rose on in July. We’ve also heard from Senate Banking staff that they think there’s a good possibility there will be more bills marked up in committee this year. This means we may have other opportunities to advance credit union priorities, such as CLF and Board Modernization.
