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For over a year, the League has been anticipating that legislation impacting card payments and interchange fees would be introduced in Congress. As expected, a new bill has finally come forward. S. 4674, the Credit Card Competition Act of 2022, is sponsored by Senators Dick Durbin (D-Illinois) and Roger Marshall (R-Kansas).
In response, our partners at CUNA have launched a national call to action, Interchange Works: Protect My Card. The League encourages Maine credit unions to participate in this effort to engage members of Congress, however, no timeline has been set for a vote on this important matter. It could be weeks if not months before it is brought to the full Senate for consideration. Additionally, CUNA has developed talking points to help credit unions better understand and discuss this issue.
In September, the League and Maine credit union leaders will head to Washington, DC, for Hike The Hill. The Marshall-Durbin bill will be on our list of things to discuss with Maine’s congressional delegation, along with other important matters. If you have not signed up to attend this important advocacy event and are interested in joining us, please reach to the League’s Governmental Affairs team or Kelley Souza.
The League will continue monitoring the developments surrounding the Marshall-Durbin bill. The League’s Governmental Affairs team is joined by Synergent’s Rebekah Higgins, Vice President of Payments, in following this matter closely as it moves through Congress. Rebekah has regularly shared her expertise and knowledge on interchange and card payment systems with the League, CUNA, and other national partners.