Defense Credit Union Council
  • About
    • Board of Directors
    • Membership
    • Northwest Sub-Council
    • Texas Sub-Council
    • Hall of Honor
    • George E. Myers Scholarship
    • Veteran Benefits Banking Program
    • Contact Us
  • Advocacy
    • Top Initiatives
    • Letters & Comments
    • Military Advocacy Committee
    • Defending Credit Unions PAC & National Advocacy Fund
    • Advocacy Resource Center
  • Events
    • Event Calendar
    • Annual Conference
    • Defense Matters
    • Midwest Conference
  • Publications
    • ALERT Newsletter
    • Veterans Home Buying Guide
    • Veterans Guide
    • Installation Guide
    • Armed Forces Financial Guide
    • BRS Guide
  • RESOURCES
    • SCRA
    • Military Lending Act (MLA)
    • Government Shutdown Resource Center
  • News & Media
    • Press Releases
    • Insights
    • Member News
    • Videos
    • ALERT Newsletter
  • Directory

CREDIT CARD
​COMPETITION ACT

Status
The Credit Card Competition Act of 2023 (S.1838) was introduced in the Senate, read twice, and referred to the Committee on Banking, Housing, and Urban Affairs on June 7, 2023.  Similar legislation (H.R.3881) was introduced in the House and referred to the House Committee on Financial Services.

Our Position
DCUC opposes excessive and unnecessary regulations imposed on credit unions that not only eliminate credit card rewards and promotions, but also sends personal financial information over unsecured networks as merchants narrow choices for consumers.

BackgroundThese consequences were first evident in the aftermath of the 2010 Durbin amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. This amendment also artificially capped fees that credit unions receive with debit card transactions.  
Both debit and credit card fees cover expenses for handling transactions and losses in the case of fraudulent activity. Because of this federal regulation, credit unions issuing debit cards have lost billions of dollars in revenue, resulting in the elimination of debit card rewards and discounts on fees. Yet, savings were never passed on to the consumer as merchants kept a larger share of the profits because of the legislation. Now, the same lawmakers and big box merchants are discussing expanding the Durbin amendment to credit cards.
Resources
Handouts of DCUC's current advocacy priorities are available for download. These handouts include information on each advocacy priority and talking points you can use when contacting your state representatives and senators.
download handouts
letters & Comments - Credit Card Competition Act
Joint Trades Letter to Senate on CCCIRA Amendment to "Minibus"
Joint Trades Letter on CCCA Amendment to "Minbus"

Joint Financial Sector Letter Opposing Expansion of the Durbin Amendment Via NDAA
Joint Trades Letter to House on Credit Card Competition Act
Joint Trades Letter to Senate on Credit Card Competition Act
Letter to Senators Schumer & McConnell on S.4674


9/19/2023
9/15/2023
​7/14/2023
​6/7/2023
​6/7/2023
​8/8/2022
In the News - Credit Card Competition Act
​BankThink The CCCA will harm... (Dec 21, 2022)
Merchant Lobby Stepping Up Efforts (CUToday, Aug 24, 2022)
...DCUC Sends Own Letter (CUToday, Aug 8, 2022)
​12/22/2022
​8/24/2023
​8/10/2022

Contact Us

1627 Eye Street, NW
Suite 935
​Washington, DC 20006
202.734.5007
​[email protected]

Quick Links

ALERT Newsletter
Armed Forces Financial Network
Financial Education Resources
Veterans Benefits Banking Program​

Connect

become a member
Copyright Defense Credit Union Council.  All Rights Reserved.
Privacy Policy
Cookie Policy

Consent Preferences

  • About
    • Board of Directors
    • Membership
    • Northwest Sub-Council
    • Texas Sub-Council
    • Hall of Honor
    • George E. Myers Scholarship
    • Veteran Benefits Banking Program
    • Contact Us
  • Advocacy
    • Top Initiatives
    • Letters & Comments
    • Military Advocacy Committee
    • Defending Credit Unions PAC & National Advocacy Fund
    • Advocacy Resource Center
  • Events
    • Event Calendar
    • Annual Conference
    • Defense Matters
    • Midwest Conference
  • Publications
    • ALERT Newsletter
    • Veterans Home Buying Guide
    • Veterans Guide
    • Installation Guide
    • Armed Forces Financial Guide
    • BRS Guide
  • RESOURCES
    • SCRA
    • Military Lending Act (MLA)
    • Government Shutdown Resource Center
  • News & Media
    • Press Releases
    • Insights
    • Member News
    • Videos
    • ALERT Newsletter
  • Directory