Polis Praises Credit Unions At MAXX After Interchange Veto; CU4Kids Raises $1.53 Million
By CU Today Staff —
DENVER—Colorado Gov. Jared Polis, whose veto of controversial interchange legislation earlier this year handed credit unions a major legislative victory, praised the role of credit unions in serving consumers during an appearance at GoWest Credit Union Association's MAXX conference here this week.
His remarks came as credit unions continue to battle proposals to restrict interchange fees in other states and nationally.
“Credit unions help Coloradans to buy a car, home, start a business, and more. We are all about saving people money while protecting consumers and giving Coloradans more freedom to use new technology and choose the financial services that work for us, now and in the future. As Colorado tackles affordability, fraud, and rapid changes in financial technology, credit unions deserve to be at the table,” said Governor Polis.
As CUToday.info reported, Polis vetoed SB26-134 in June after the Colorado legislature approved a measure prohibiting payment card networks from collecting interchange fees on the sales tax portion of credit and debit card transactions. The legislation included an exemption intended to protect financial institutions with less than $60 billion in assets, but credit unions warned the interconnected nature of the payments system could still expose them to operational disruptions and additional costs. In his veto message, Polis cited legal uncertainties and questions about whether the changes could be implemented. Supporters of the legislation argued merchants should not have to pay interchange fees on taxes they collect for government.
GoWest president/CEO Troy Stang credited credit union advocacy and the governor's decision with preserving the existing payments system.“Thanks to the strong advocacy of Colorado credit unions and the Governor’s veto during this last legislative session, today’s global payment system will continue to serve consumers with the choice, access and competition they rely on," Stang said.The Colorado fight also reflected a broader dispute over interchange restrictions, including litigation involving Illinois' law prohibiting interchange fees on the tax and tip portions of transactions.As CUToday.info reported June 3, credit union groups including the Defense Credit Union Council, America's Credit Unions and GoWest had warned the legislation would require extensive changes to payment processing, settlement and tax reconciliation. The groups also pointed to the continuing legal fight over Illinois' interchange law as evidence of the risks of state-by-state restrictions. More recently, CUToday.info reported that DCUC is opposing proposed credit-card routing restrictions in New Jersey, arguing interchange revenue helps fund fraud prevention, cybersecurity and cardholder services.
In another MAXX news, credit unions and industry partners raised $1.53 million for Children's Miracle Network hospitals across the GoWest region during the annual Credit Unions for Kids Benefit Auction. The event, themed Moonlight & Miracles: Where the Stars Align for Kids, marked the 40th anniversary of Credit Unions for Kids, which originated in the GoWest region and has grown into a national credit union charitable initiative.
“Forty years of Credit Unions for Kids is a remarkable example of what happens when our Movement comes together around something bigger than any one organization,” said Stang. “Every auction bid, every partnership, and every act of generosity adds another light to the constellation. Together, those lights have helped bring hope and care to children and families when they need it most.”
The fundraising total matched last year's record $1.53 million.
The event also featured Piper, the 2026 CU4Kids Champion Child, who was diagnosed with Ewing Sarcoma at age 4 after doctors at Children's Hospital Colorado discovered a golf ball-sized tumor pressing against her spinal cord. Following treatment, Piper is now cancer-free.
“Our theme this year couldn’t be more perfect – a miracle indeed,” Stang said. “Attendees got a firsthand look at the difference CU4Kids makes for children and families. And in return, the hope and inspiration of the evening is something we all walk away with. That’s the Credit Union Difference, and it’s what makes our Movement unstoppable.”
Originally reported by CU Today.