Cornerstone League Statement on CCCA 2023
Posted: Jun 9, 2023 | Author:
Cornerstone League
Senate Bill 1838, also known as the Credit Card Competition Act of 2023, was introduced on Wednesday, June 7, 2023, with the stated goal of allowing merchants to accept alternative credit card payment systems.
Despite extensive education efforts from Cornerstone over the last year, two Cornerstone-region lawmakers are named among the original sponsors of the bill, with Sen. Roger Marshall (R-Kan.) co-sponsoring the Senate version and U.S. Rep. Lance Gooden (R-TX) introducing the House version.
“Cornerstone League and Arkansas, Kansas, Missouri, Oklahoma, and Texas credit unions are committed to offering the most secure, reliable credit card payment environment for consumers,” said Cornerstone League President and CEO Caroline Willard. “We support an environment that facilitates quick and secure transactions and ensures fraud protections and other benefits, such as affordable access to credit.”
“We believe the Credit Card Competition Act of 2023 will disrupt this environment for credit union members,” said Cornerstone League EVP and Chief Advocacy Officer Jim Phelps. “The current system is trusted by financial institutions and offers real, built-in benefits to consumers.”
Interchange fees help pay for the cost of fraud prevention, including the cost of issuing new cards, and make consumers whole when there is a breach. “Interchange fees support affordable access to credit and the many protections that are currently in place. The current interchange system works,” said Willard.
“We at Cornerstone will now turn up the volume with Sen. Marshall and Rep. Gooden to educate them on the detriment of this legislation, as well as activate our nearly 700 credit union members to make their voices heard on this issue,” said Willard.
