America's Credit Unions President/CEO applauds Community Bank Relief Act

Scott Simpson

“America’s Credit Unions appreciates and supports the Community Bank Relief Act introduced by Senators Ted Cruz and Katie Britt and Congressman Andy Barr to modernize the asset threshold tied to debit interchange regulations. 

“As credit unions grow by serving more members and keeping pace with the economy, many are swept into limits that were intended for much larger institutions. Indexing the threshold to inflation provides needed relief and restores fairness for community-based credit unions. 

“Debit interchange revenue at credit unions is reinvested into lower fees, better rates, fraud prevention, and improved services for members. When outdated thresholds reduce those resources, it is working families and small businesses who feel the impact. 

“This legislation is an important step forward. But the only real long-term solution is full repeal of the Durbin Amendment. Government imposed price controls have distorted the market and failed to deliver promised savings to consumers. While most credit unions were supposed to be protected from the impact of the Durbin Amendment, the fact is that those provisions did not work, and all have felt the negative impacts. Repeal would ensure credit unions can continue delivering affordable, secure financial services without artificial caps that miss their mark.” - America's Credit Unions' President/CEO Scott Simpson

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