Sen. Schumer reiterates support for credit unions during Hike the Hill meeting

Photo courtesy of the Office of the U.S. Senate Majority Leader.

New York credit union advocates attending the New York Credit Union Association’s 2022 Hike the Hill event met with New York Sen. Chuck Schumer this week, a longtime friend and supporter of credit unions. Schumer restated his support of credit unions, saying “we love our credit unions and how they step up in difficult times,” and that “I believe in you.”

Schumer also stated that that he is always going to be a supporter of credit unions’ tax status and, as he has previously stated, “they will not be taxed over my dead body.”

Schumer said that he does not like the Credit Card Competition Act, known as the Interchange bill, stating that he does not foresee much movement on it in the near future.

Earlier this month, William J. Mellin, president/CEO of the Association, wrote to Schumer to express the Association’s concerns regarding S.4674, the Credit Card Competition Act of 2022. The act which would impose price caps on the amount merchants can be charged when choosing to utilize credit card networks to build their businesses.

Regarding the SAFE Banking Act, Schumer said that he is in the process of putting together a compromise and that the is “a decent chance” that there will be a bipartisan bill introduced by the end of the year.

Look for more highlights from the 2022 Hike the Hill event in Monday’s New York Minute. Photos from this week’s action on Capitol Hill can also be viewed on the Association’s Facebook page.

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