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July 26, 2023

NAFCU calls on CUs to re-up fight against the inclusion of interchange legislation in NDAA

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NAFCU Tuesday reignited the call for credit unions to join the association’s advocacy efforts fighting back against efforts from Sen. Roger Marshall, R-Kan., to attach interchange legislation to the fiscal year 2024 National Defense Authorization Act (NDAA).

NAFCU Vice President of Legislative Affairs Brad Thaler sent a message to member credit unions Tuesday urging them to use NAFCU’s Grassroots Action Center to send messages directly to their senators to oppose attaching interchange legislation, S. 1838, to the must-pass NDAA. Thaler noted that proponents of the legislation are pushing for a Senate vote this week and the time for credit unions to act is now.

NAFCU, in coordination with the Electronic Payments Coalition (EPC), joined with several financial services industry representatives on a joint release to fight back against these efforts.

“The financial services industry stands united in opposition to Senator Marshall’s effort to hold up funding for our military in order to gift a massive government handout to Walmart, Target, and other big-box retailers. Senator Marshall’s credit card routing legislation has no relevance to defense spending whatsoever,” wrote the group in a statement. “We call on Senator Marshall to promptly abandon his effort to use the NDAA to secure government favors for big-box retailers at the expense of consumers, small businesses, and small financial institutions.”

NAFCU and other financial trade associations are continuing to fight against the big-box bailout legislation. NAFCU also continues to urge lawmakers to oppose any changes to the NDAA that would allow banks to operate rent-free on military bases.

The association will monitor congressional movement on the NDAA and will update credit unions via NAFCU Today.

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