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Maine credit unions received disappointing news as Senator Angus King signed on as a cosponsor of the Credit Card Competition Act (CCCA). King joined Senators Bernie Moreno (R-Ohio) and Cynthia Lummis (R-Wyo.) as new cosponsors just before the Senate departed Washington for its summer recess.
The three join original cosponsors Senators Roger Marshall (R-Kan.), Dick Durbin (D-Ill.), and Peter Welch (D-Vt.), bringing total Senate sponsorship to six members: three Republicans, two Democrats, and one Independent.
Moreno and Lummis are notably the first members of the Senate Banking, Housing, and Urban Affairs Committee, which has jurisdiction over the bill, to sign on as cosponsors. The additional support also follows President Trump’s renewed endorsement of the legislation, his second this year.
While Senator King’s decision is a setback, it does not change the League’s commitment to opposing the CCCA. We will continue advocating for Maine credit unions and their members while educating our federal delegation on the risks this legislation poses. The League also remains in close contact with Senator Susan Collins’ office to reinforce the importance of her continued alignment with our position on the CCCA. We are scheduling meetings with every member of Maine’s congressional delegation during America’s Credit Unions’ upcoming Congressional Caucus next month, where our opposition to the CCCA will be at the top of our advocacy agenda.
As Congress returns from its summer recess, the League will closely monitor developments and share opportunities for Maine credit unions to make their voices heard. In the meantime, credit unions with questions about the CCCA or those seeking talking points for board communications can contact Jared Gay, League Director of Governmental Affairs, at jgay@mainecul.org.