As HFSC Advances Credit Union Relief Bills, ACU Warns Against Credit Card Rate Cap Amendments
By CU Today Staff —
WASHINGTON--The House Financial Services Committee is considering two bills today that would help credit unions by providing important modernizations and asset threshold revisions, America's Credit Unions reported.
Sent in advance of Thursday's markup, America’s Credit Unions’ letter shared support of the bill while also encouraging the committee to reject any amendments establishing a credit card rate cap.
The two bills being marked up include:
The letter urged the committee to also reject any extraneous amendments that may seek to establish a new national rate cap on credit cards or bring government interference to the credit card interchange system.
“These efforts to impose price controls would do nothing to help consumers or increase affordability,” it states. “These amendments would ultimately harm access to credit for many consumers and weaken data security of card networks, while having negative impacts on community financial institutions, such as credit unions, and the consumers they serve.
Originally reported by CU Today.