Federal Advocacy Wins for Credit Unions

Two legislative proposals affecting credit cards and opposed by credit unions failed to advance during committee action this week.

Sen. Roger Marshall announced that he will no longer pursue offering the Credit Card Competition Act as an amendment to a digital assets bill scheduled for markup this week before the Senate Committee on Agriculture, Nutrition and Forestry. Marshall filed the proposed amendment on Friday, repackaging his Credit Card Competition Act. In response, America's Credit Unions and state leagues engaged with committee members, urging strong opposition to the measure.

Separately, the House Financial Services Committee on Monday declined to include a proposed 10% cap on credit card interest rates in its markup. The proposal has been endorsed by President Trump, who urged Congress just last week to advance the measure.