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Credit union advocates are voicing their strong opposition to the Credit Card Competition Act. Our League joined our colleagues at the Credit Union National Association (CUNA) and the American Association of Credit Union Leagues (AACUL) in co-signing a letter for House and Senate leadership that highlights our concerns about the bill and the harm it would inflict on consumers.
“If policy makers are looking for a reason to reject this unnecessary legislation, they’ll find many sound justifications outlined in the letter,” shared Robert Caverly, League Vice President of Advocacy & Outreach. “When Capitol Hill considers the consequences this bill will have—especially as it pertains to fraud protection and data security—I don’t see how they can move forward with enacting this proposal. As stated in the letter, this legislation attempts to solve a problem that simply does not exist.”
If your credit union is interested in expressing your opposition to the bill, visit CUNA’s Grassroots Action Center to send a letter to Maine’s congressional delegation. Now is the perfect time to let our representatives know that our interchange system works. Additionally, if you know someone who would be willing to sign or co-sign a letter to the editor or op-ed on this topic, please email Krista Simonis, League Director of Governmental Affairs, at ksimonis@mainecul.org.