America’s Credit Unions Chief Advocacy Officer Carrie Hunt spoke with the Editor-In-Chief of Credit Union Times Wednesday and gave insight into her priorities for America’s Credit Unions’ advocacy agenda.
During the conversation, Hunt noted fighting against interchange legislation circulating in both chambers of Congress was her top priority. She also addressed the increase of fraud credit unions members are noticing.
“America’s Credit Unions still very strongly believes that we need merchants to follow the same data security standards as regulated financial institutions. And this is, you know, one of the underlying factors in why we’re fighting so hard on interchange,” said Hunt.
Additionally, Hunt highlighted the many opportunities America’s Credit Unions has to set the record straight on the CFPB’s mischaracterization of “junk fees.”
“From America’s Credit Unions’ perspective, there is a big difference between a fee for a service versus including all fees and the cost of credit, which is one road the CFPB is looking to go down, or creating this split in the market by trying to influence larger institutions to not charge certain fees either by press release or now by formal rulemaking,” said Hunt. “We think that’s going to have an extremely detrimental impact on all institutions.”
