Newsroom
CUs: Share your experience with Congress, oppose efforts that could harm industry
NAFCU remains committed to ensuring a regulatory and legislative environment that allows credit unions to serve members and thrive throughout coronavirus relief efforts. In a new message to members, NAFCU Director of Political Affairs Chad Adams encouraged credit unions to join the association in its advocacy to push back against legislative efforts that could harm the industry.
Recently, some trade groups have advocated to extend the Durbin Amendment of the Dodd-Frank Act – which places a price cap on interchange fees on debit card transactions – to credit cards. NAFCU has long urged for a repeal of the Durbin Amendment, arguing that merchants have not passed the benefits on to consumers while retail prices keep rising.
"When a price cap was set on debit interchange rates in the Dodd-Frank Act, the retail industry did not follow through on their promise to pass on interchange fee savings to their customers," wrote Adams. "Now they are asking for the same failed price controls to be extended to credit card transactions in response to the pandemic."
NAFCU's Grassroots Action Center is a great resource for credit unions to easily contact lawmakers to share how their actions are impacting individual institutions, members, and communities – and a new message opposing the attempt to extend interchange price caps. The one stop shop also has voter registration, candidate lookup, and more.
As credit unions continue to provide top-notch products and services to members and address coronavirus impacts, NAFCU has several resources designed to aid operations.
Credit unions are encouraged to contact Adams directly or members of NAFCU staff for assistance with outreach to members of Congress or questions on NAFCU's grassroots advocacy efforts. For more on how NAFCU has stepped up its advocacy efforts during the coronavirus pandemic, association member credit unions can access a recording of NAFCU's Q1 Member Call-In.
NAFCU will continue to keep credit unions updated of any provisions that could negatively impact their business and members. Access all NAFCU's advocacy, compliance, and education resources online, anytime.