America’s Credit Unions And Leagues Warn CCCA Would Hurt Consumers, Security And Credit Access
By CU Today Staff —
WASHINGTON--America’s Credit Unions and all state credit union leagues and associations are urging in lawmakers to reject the Credit Card Competition Act, warning that the proposal would harm consumers, weaken data security, and reduce access to affordable credit.
“Credit unions are the original consumer protectors. They strive to serve their consumer members and improve their financial well-being with affordability at the forefront. Unfortunately, studies show that mandates, like those in the Credit Card Competition Act, don’t lead to lower prices at checkout, and previous asset size carveouts show that this will affect credit unions, and their consumer members, at every size. At a time when policies and solutions are needed to bolster our nation’s financial resiliency and increase affordability, studies show that these mandates would slow down the U.S. economy, costing $227 billion in lost economic activity and approximately 156,000 lost jobs,” the letter reads.
In a letter sent to Congress, the organizations argue that the bill would:
The groups urged Congress to focus on real solutions, such as those provided by credit unions, that expand access to safe, affordable credit rather than policies that repeat past mistakes.
Originally reported by CU Today.