DCUC and eight trade associations representing banks and credit unions, including those primarily serving military-affiliated customers and members, released a joint statement opposing Senator Roger Marshall's (R-KS) efforts to derail the National Defense Authorization Act (NDAA) unless the Senator receives consideration for his proposed credit card routing legislation (S. 1838) as an amendment:
“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. 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.”
In addition, DCUC and these industry partners sent a joint letter on July 14 to Congressional leaders expressing strong opposition to the so-called “Credit Card Competition Act of 2023," and efforts to include the bill’s language as an impractical, technically flawed, and unnecessary study proposal (Amendment 177) as amendments to the 2024 National Defense Authorization Act (NDAA).
Until the Senate passes its version of the NDAA, DCUC will continue to remain vigilant.