DCUC's Stverak To Tell Lawmakers CU Members Could Feel Impact Of Payments Overhaul
By CU Today Staff —
BOSTON—On Monday, June 15, Defense Credit Union Council Chief Advocacy Officer Jason Stverak will provide official testimony to the Massachusetts Special Study Commission during its fourth “Special Legislative Commission to Study the Future of Payments and Sales Transactions by Credit Card and the Impacts for Small Businesses” hearing in Room A1 of the State House in Boston.
Stverak’s testimony, provided on behalf of DCUC, will cover the growing challenges facing credit unions related to interchange policy and the potential impact of legislative and regulatory proposals on members and communities served.
The public meeting will be streamed live on the webpage.
"As policymakers continue to consider changes that could impact the payments ecosystem, it is important that credit unions have a strong voice in these discussions and that decision-makers understand the real-world consequences for consumers, including military families, veterans, and communities served by credit unions nationwide," said Stverak.
DCUC said Stverak’s session is part of the trade group’s ongoing advocacy to inform of the unintended consequences of interchange restrictions and other proposals that could reduce resources available for member services, cybersecurity investments, fraud prevention, and financial inclusion initiatives that credit unions deliver nationwide.
“Credit unions are operating under intensifying regulatory, operational, and competitive pressures that directly threaten their ability to deliver affordable, trusted financial services,” said Anthony Hernandez, DCUC president/CEO, ret. U.S. Air Force colonel. “It is imperative that our movement ensure lawmakers both at federal and state levels fully understand the real-world consequences of these policy decisions. Absent that, we risk policies that will unmistakably weaken credit unions’ ability to provide the very services, stability, and support that millions of Americans rely on through the cooperative financial model.”
Originally reported by CU Today.