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NAFCU’s Berger discusses CCCA, credit card rewards on NBC affiliate
NAFCU President and CEO Dan Berger appeared on Memphis NBC affiliate, Action News 5, to discuss the importance of leveraging credit card rewards to help combat inflation and the latest on the Credit Card Competition Act (CCCA).
Berger highlighted that consumers should check with their credit union to determine what credit card rewards programs they offer, noting that American consumers save roughly $50 billion every year because of rewards programs.
When asked about the pending credit card interchange legislation, Berger said that the Credit Card Competition Act (CCCA) would take away consumer options for rewards programs and urged viewers to contact their members of Congress to oppose this bill.
“It’s ironically called the Credit Card Competition Act… but it does the exact opposite,” said Berger. “It’s going to take away the rewards programs that we all enjoy and utilize to combat rising prices.”
Watch the full clip here. Of note, Berger also shared the credit union industry’s opposition to the CCCA with Greensboro FOX affiliate, WGHP News, Hartford CBS affiliate, Better CT, Albuquerque ABC affiliate, KOAT News, and Toledo ABC affiliate, WTVG News.
On Tuesday, lawmakers released the text of the bipartisan agreement on a Senate substitute amendment for the National Defense Authorization Act (NDAA). CCCA was not among the amendments included in the substitute. However, the bill, or other interchange amendments, could still be introduced during floor debate on the NDAA. Credit unions can contact their members of Congress and request them to oppose these bills with NAFCU’s Grassroots Action Center.