League Urges Rep. Good to Reconsider Support of Interchange Legislation; Communicates CUs Grave Concerns with Bill

Despite intense efforts this summer by credit unions and the League to outline our deep concerns and the risks associated with interchange legislation, Rep. Bob Good (R-5^th) has signed on as a co-sponsor for the House version of the bill (H.R. 3881).

“We’re disappointed, certainly, but we’ve heard from the Congressman and have a better understanding of his decision, but we will continue to oppose the bill,” said Virginia Credit Union League President/CEO Carrie Hunt. “We’ve made clear to the entire Virginia delegation that the interchange legislation poses real and significant risks to the credit card system we depend on for safe, secure consumer transactions. We’ve outlined the risks associated with data security, privacy, fraud, and access to credit should the interchange legislation pass.”

League President/CEO Carrie Hunt spoke with the Congressman on Thursday, arguing our position on the legislation. We also joined with the Virginia Bankers Association and the Virginia Association of Community Banks on a joint letter asking Rep. Good to reconsider his support of legislation that will ultimately harm his constituents, small businesses and community financial institutions in his district.

Interchange remains an urgent concern for credit unions and the League. Specifically, the Senate version of the legislation is backed by a few powerful senators, who have vowed to attach the legislation to must-pass measures as Congress debates key appropriations measures for the coming fiscal year.

Take Action!

We again urge credit union advocates to visit our Action Center to email our Congressional delegation, urging them to oppose any efforts to advance interchange legislation.

We’ve met with Congressman Good on a number of occasions in the past year, during which we reiterated our opposition to interchange. Rep. Good recently attended a League-hosted Legislative Reception in Danville with area credit unions in attendance. Last year, credit unions and the League held an in-district meeting with the congressman, during which interchange was the key topic of conversation.

Your League has fought fiercely against interchange legislation through various channels, most notably through our summer series of Legislative Receptions, recent Hike The Hill events and ongoing communication with lawmakers before and after the reintroduction of the measure.