Publicly Share Your Statement

Your voice on key issues is important. The best messenger with policy makers in Washington is the credit union who is out there every day working to meet the needs of their members. Having NAFCU members explain how decisions in D.C. impact credit unions is incredibly powerful. We are asking you to share a statement NAFCU can publicly use with media, members of Congress and others to support or oppose legislation as we work to level the playing field for credit unions—because we want you to grow and thrive.

SEEKING: Quotes and statements about how legislative and regulatory policies will hurt you and your members

Interchange Legislation 

Potential legislation would essentially impose a back-door price control on credit card interchange fees. While the bill seeks to limit these new requirements to only institutions over $100 billion, the history of the failed exemption in the Durbin amendment has shown that these price controls will negatively impact all institutions. Review NAFCU’s Interchange Advocacy Page for more information on our long-standing opposition to federal price controls on interchange.

Credit Card Late Fees

A proposed rule by the CFPB will lower the safe harbor for credit card late fees to $8. Credit card late fees are required – by the CFPB – to be clearly detailed upfront for consumers. By signing a credit card agreement, consumers know the costs they will incur if they pay their bill late. Consumers who don’t pay their bills on time will save money on late fees, but data shows credit card providers will be forced to offset the fee reduction by increasing costs elsewhere – and for everyone. NAFCU has flagged the potential consequences of this rulemaking, including limiting credit availability and increasing industry consolidation, and noted that credit unions offer several solutions to members experiencing financial hardship.