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Credit unions and credit union lobbyists have spent months raising objections with lawmakers about moving forward with the Credit Card Competition Act (CCCA). So far, those objections have been heeded. But, according to the Defense Credit Union Council (DCUC), they want to stay vigilant on this issue in case congressional lawmakers try to put the controversial legislation inside the next disaster supplemental appropriations legislation that will be discussed following two deadly hurricanes that have struck the United States in recent weeks.
On Friday, officials with DCUC issued letters to congressional leaders of the House and Senate to voice the organization's objections to including the CCCA in any disaster relief bill that might be considered by Congress.
DCUC Chief Advocacy Officer Jason Stverak warned of the severe consequences this bill could have on credit unions serving military members, veterans and their families.
"While the intent of the CCCA may be to encourage competition, its unintended consequences threaten to significantly disrupt the financial services credit unions provide to military families, weaken consumer protections, and ultimately harm the financial well-being of those who serve our country," Stverak wrote.
Stverak also warned in the letter that the CCCA would undermine the robust consumer protections defense credit unions have long provided and the legislation "could lead to increased fraud, diminished security, and a weakening of protections that service members and veterans rely on."
Previous versions of the CCCA, which has the backing of retailers, would require the Federal Reserve to issue regulations to ensure that large financial institutions cannot restrict the number of networks on which an electronic credit transaction may be processed to less than two unaffiliated networks, at least one of which must be outside of the top two largest networks, which are Visa and Mastercard.
Severak added that including the CCCA into broader legislation, such as the much needed disaster relief, would be disastrous for credit unions and their members.
"It is unwise to make such a significant change to the American financial system without the bill following the regular legislative process," Stverak wrote. "Combining such a policy with crucial disaster relief funding could have devastating consequences for military families at a time when they need greater financial stability and support."
Congress does not return to Washington, D.C. until after the November election.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
