New Uncertainty in Washington, But League Remains Focused on Derailing CU-Opposed Measures

The situation in Washington remains unchanged. The expected vote for a House Speaker has yet to materialize, but we’re continuing to engage with lawmakers and their offices. Once business resumes in the House, it’s possible we’ll see a flurry of activity around the appropriations measures given that the temporary funding for the government ends in a month.

We remain concerned that credit union-opposed measures might advance via one of the appropriations bills – with the Credit Card Competition Act (interchange bill) topping that list of concerns. The CCCA (S.1838 | H.R. 3881) poses a real and significant risk to consumers, especially as it relates to fraud, privacy, and the ability of community financial institutions to provide access to credit. You can aid our advocacy efforts by emailing lawmakers today via our Advocacy Action Center.

There are also two interest rate cap measures we’re watching closely. One proposal would cap credit card interest rates at 18%, inclusive of all finance charges. Another would take the “all-in” 36% APR limitation of the Military Lending Act and apply it to all consumer credit, with exceptions for car loans, mortgage loans, and federal credit union loans subject to the 18% interest rate cap.