Fight against CCCA, interchange continues
Eglin Federal Credit Union President and CEO Jerry Williams – a NAFCU member based in Fort Walton Beach, Fla. – penned an op-ed for The Capitolist, underscoring the many negative impacts of the 2022 Credit Card Competition Act (CCCA). In the op-ed, he stated that the CCCA “will not increase competition in the credit card marketplace. Rather, this bill will benefit mega-retailers at the expense of consumers and community financial institutions like EFCU who exist to serve our military members and their families.”
“Following the implementation of the original Durbin Amendment, which sought to regulate debit card interchange fees, a Richmond Fed report found that 98% of merchants did not pass savings from debit regulation to consumers and over 20% of merchants actually increased prices,” Williams noted. “Furthermore, this mandate resulted in the disappearance of many card rewards programs like airline miles and cash back that Americans of all income levels have come to enjoy.”
NAFCU President and CEO Dan Berger echoed similar sentiments in a CU Insights op-ed.
“The name of the legislation sounds nice on paper,” Berger wrote. “However, it is essentially a big-box bailout, imposing a back-door price control on credit card interchange fees that helps line the pockets of giant retailers at the expense of American families and Main Street.”
The association has remained a leading voice in the fight against the CCCA. NAFCU has wrote multiple letters to lawmakers urging them to oppose the legislation. Additionally, NAFCU has called on credit unions to use NAFCU’s Grassroots Action Center to speak out against the CCCA by sending a message to their lawmakers requesting them to oppose the harmful legislation. Credit unions are also encouraged to continue sending statements of opposition to the CCCA that can be used publicly in the media and with members of Congress to advocate against any last-minute attempt to move the unsound legislation forward.
Due to this relentless advocacy, the CCCA was not among the amendments included in the Senate substitute amendment for the NDAA. Although the Senate has opted to not attach this bill to the NDAA at this time, the CCCA, or other interchange amendments, could still be introduced during floor debate on the NDAA.
With the threat of interchange legislation still lurking, NAFCU will continue to oppose this bill. Credit unions can continue to help by using NAFCU’s Grassroots Action Center. Stay tuned to NAFCU Today for the latest from Washington.
Add to Calendar 2022-12-01 14:00:00 2022-12-01 14:00:00 Dealing with Difficult Members: 5 Foolproof Techniques Dealing with difficult people is an unfortunate byproduct of the financial services industry. From the teller line to the call center, on up to collections--working with borrowers who are confused, angry and looking for somebody to blame--is a daily occurrence. Frontline staff need to develop a thick skin and a solutions-oriented tool kit to work through these challenging interactions. We need to remember that the members are not always expressing frustration with the institution. Their ire is most often tied to external events or other triggers. But at the end of the day, we must find a way to meet their needs with as little emotional trauma as possible. Fortunately, in this Dealing with Difficult Members: 5 Foolproof Techniques webinar, you’ll learn that there are methods you can utilize to focus on a positive outcome and work through most situations. Anger is a natural emotion and one which is almost universally experienced. Rather than return anger for anger or lose a good customer, why not try to build a better interaction? Key Takeaways Discover how to develop listening strategies Review common anger triggers Learn de-escalation techniques Purchase Now$295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until December 1, 2023.Go to the Online Training Center to access the webinar after purchase » Who Should Attend Presidents/CEOs COOs Branch managers Operations staff titles HR staff Education Credits This webinar doesn't qualify for any continuing education credits recognized by NAFCU or NASBA. About Our Webinars Our webinars are streamed live from NAFCU headquarters near Washington, DC. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer. Web NAFCU firstname.lastname@example.org America/New_York public
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