Newsroom
NAFCU, trades oppose interchange amendments to NDAA
NAFCU and nine financial trade associations wrote to Congress to express opposition to big-box bailout legislation potentially being added as an amendment to the fiscal year 2024 National Defense Authorization Act (NDAA) on Friday, ahead of the House passing its version of the defense bill mostly along party lines without any provisions on interchange.
While the Credit Card Competition Act itself has not yet been filed as an amendment as of Friday, Senator Roger Marshall, R-Kan., filed and amendment to the Senate version of the NDAA which would require on a study on the issue and its impact on military commissaries. The trade groups argued addressing interchange on the NDAA would be “non-germane” to the larger bill and would “rob military families of their credit card rewards, reduce the availability of safe credit, and undermine the nation’s data security… with the goal of enriching the largest multinational retailers and obscure payments processors and have no business being added to annual legislation designed to bolster our national defense.”
Last week, the Senate Armed Services Committee filed their version of the NDAA for Senate floor consideration, which is set to begin tomorrow. Once the Senate passes its bill, a conference committee will be formed to hash out a compromise.
NAFCU, alongside industry trade groups, also continues to urge lawmakers to oppose any changes to the NDAA that would allow banks to operate rent-free on military bases. The House-passed NDAA did not touch on this issue.
The association will work with lawmakers throughout the process and urge Congress to pass a bill free of amendments that would have a negative impact on the credit union industry.