Yesterday Cornerstone and CUNA issued an action alert calling on credit union champions, advocates, and members to communicate their opposition to the bill to their lawmakers. Last week Sens. Dick Durbin (D-Ill.) and Roger Marshall (R-Kan.) introduced a bill that would change the interchange system by allowing merchants to bypass established secure payment networks.
Cornerstone joins CUNA in strongly opposing this legislation, as it would bring further financial benefits to big box retailers at consumers’ expense. If retailers are allowed to simply choose the cheaper networks that haven’t invested in the latest security technology, consumer payment data will be vulnerable to foreign networks.
Routing mandates on credit cards will lead to less secure, less innovative, and higher-risk transactions for American consumers. Credit unions need to send a strong message to lawmakers that consumers, small businesses, and small community financial institutions will lose the most if the Credit Card Competition Act is passed.
Don’t let Sens. Durbin and Marshall compromise consumers’ access to safe, affordable credit.
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