Small business owners share their concerns with the big box bailout bill in a new video message sent to Congress Wednesday from America’s Credit Unions. President/CEO Jim Nussle re-emphasized the ongoing credit union opposition to interchange legislation (S. 1838/H.R. 3881).
He urged lawmakers to watch the videos and hear directly from the business owners, financial services experts, and other stakeholders who support credit card systems in place and the protections they provide.
“This legislation will enrich big box retailers while harming consumers, small businesses and community institutions like credit unions by creating a back-door price control on interchange fees and disrupting a well-functioning credit card market,” Nussle wrote. “Interchange is the cost of accepting credit cards and the benefits that come with them. Many small business owners depend on a safe, secure well-functioning credit card network to build their business and grow.
“This interchange legislation threatens their livelihood,” he added.
The association also released a longer form video that goes more in-depth to address misinformation about interchange controls and provide insights from real people who would be affected by the legislation. It’s part of America’s Credit Unions’ comprehensive campaign to rally opposition to the interchange proposals given their potential negative impacts. America’s Credit Unions is also part of a coalition working to oppose the big box bailout bill—and any proposals to alter current interchange caps—and will continue to engage policymakers with data showing the harm of these proposals.
Watch the video shared with lawmakers below.