The League has consistently opposed the Credit Card Competition Act (CCCA) as standalone legislation and as an addition to any must-pass piece of legislation. Collectively, we were successful in keeping the CCCA out of the National Defense Authorization Act, and we will continue to fight for the defeat of the CCA for the remainder of the legislative session.
As card issuers, credit unions bear the cost of data protection and fraud prevention, in addition to member service and processing. When a card is swiped, the merchant receives the full, guaranteed payment for the goods and services rendered. Card issuers absorb the cost of fraud and insufficient funds. After the original Durbin amendment passed impacting debit cards, the Richmond Federal Reserve Bank determined that over 20% of retailers increased their prices, and only 1% of retailers passed their savings onto consumers. Credit unions are Main Street – not Wall Street, and the Credit Card Competition Act is bad for credit unions and the 560,000 Nebraskan’s they serve.
The League will never support any legislation that hands control of the nation’s credit card system to merchants that do not have credit union members’ best interests in mind.
Please take action to oppose interchange.
For additional information please contact Brandon Luetkenhaus, Chief Advocacy Officer, at brandon@nebrcul.org
