America’s Credit Unions—as part of a coalition representing nearly 10,000 financial institutions in all 50 states—launched a new campaign to highlight united opposition against big box bailout interchange legislation.
The Electronic Payments Coalition campaign uses digital displays and video ads to focus on the negative impact this legislation would have on credit unions and community banks, regardless of the so-called “carve-out” for smaller financial institutions.
“With 140 million American consumers relying on credit unions to provide safe and affordable products to maintain a healthy financial lifestyle, the big box bailout that Senators Durbin and Marshall are pushing will throw a wrench in services our industry provides in underserved and rural communities,” said America’s Credit Unions President and CEO Jim Nussle. “Credit unions use the small percentage of interchange generated by a purchase to improve options for consumers – data security, more fraud protection, and affordable, reliable access to needed credit. They say history repeats itself, and this latest push on Durbin 2.0 will have detrimental effects on Main Street small businesses and consumer wallets that are already feeling the stretch.”
America’s Credit Unions stands strongly opposed to the big box bailout bill, and any other policies that would make changes to interchange caps to benefit the biggest retailers.
