Two Key Congressional Hearings Wednesday Focus on Issues Important to Credit Unions and Their Members
May 3, 2022
Wednesday will be a critically important day for credit unions as key congressional committees consider proposed changes to overdraft protection services and the interchange system.
Before those hearings are gaveled in, credit union advocates are asked to take a few moments to participate in calls to action, opposing changes to overdraft protection services or the current interchange system. Simply log on here to find messages that will quickly reach the offices of all U.S. Senators.
Overdraft Protection Services
The Committee on Banking, Housing, and Urban Affairs has scheduled a subcommittee hearing called, “Examining Overdraft Fees and Their Effects on Working Families,” for May 4 at 2:30 p.m. EST.
Credit unions have a longstanding commitment to improving the financial lives of working families. Many credit unions offer the flexibility of overdraft protection services their members can choose to participate in if they need to be able to meet their financial obligations and address emergency situations. Tell all U.S. Senators how important these services are to your members, by filling out the call to action here.
The Senate Judiciary Committee has scheduled a hearing called, “Excessive Swipe Fees and Barriers to Competition in the Credit and Debit Card Systems,” to take place Wednesday at 10:00 a.m. EST.
This committee is chaired by U.S. Senate Majority Whip Dick Durbin, (D-IL). You may recall that Sen. Durbin presided over a similar hearing in 2006 that eventually led to the passage of the Durbin Amendment of 2010, which set federal price caps on debit interchange fees. The current interchange system protects credit cards and data. Credit cards allow consumers to make their financial lives happen, and to pay for things such as groceries, school supplies, emergency car repairs, and more.
Tell all U.S. Senators that interchange works, by filling out the call to action here.
Thank you for all you do to advocate for credit unions, and your members.
Posted in Advocacy News.