Act Now to Prevent Interchange Legislation from Advancing

Retailers are pressuring lawmakers harder than ever, and LSCU needs your assistance to stop further advancement of legislation seeking to regulate the credit card market. The Credit Card Competition Act (CCCA), introduced by Sens. Dick Durbin (D-IL), Roger Marshall (R-KS), JD Vance (R-OH), and Peter Welch (D-VT) and Reps. Lance Gooden (R-TX), Zoe Lofgren (D-CA), Thomas Tiffany (R-WI), and Jefferson Van Drew (R-NJ), requires covered card issuers (issuers over $100 billion in assets) to include at least two unaffiliated networks on which an electronic credit card transaction may be processed and states the networks cannot be the two networks holding the largest market shares of credit cards in the US (Visa or Mastercard). This legislation is a repeat of a failed experiment. In 2010, Durbin succeeded in bringing routing mandates to the debit card market. The policy has been bad for consumers and is directly responsible for redistributing more than $23 billion directly from consumers to retailers like Target and Walmart over the last decade.

We need credit unions to write Congress and urge policymakers to stop further advancement of the CCCA, as it would severely impact financial institutions of all sizes. The new bill is predicted to decrease interchange income by over 50% (even for financial institutions under the $100 billion threshold). While the revised bill attempts to identify payment networks deemed a risk to national security, we remain adamantly opposed to the bill as it would weaken a system that already works in the best interest of the consumer.

Write Congress Today!

Written by
Lizeth George
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About Us

The League of Southeastern Credit Unions & Affiliates represents 302 credit unions in Alabama, Florida and Georgia, with a combined total of $175 billion in assets and more than 11.6 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

LSCU Mission Statement

To create an environment that enables credit unions to grow and succeed.

LSCU Vision Statement

To be the trusted advocate and preferred source of information for credit unions.

If you need to reach us, e-mail communications@lscu.coop

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