By Kristina Persaud, New York Credit Union Association Director of Governmental Affairs
New York Credit Union Association representatives met with Senate Majority Leader Chuck Schumer on Thursday — his first event since winning his fifth term in the Senate and second Congress as majority leader.
At the event, the senator reaffirmed his commitment to opposing an expansion to the Durban Amendment, commonly referred to as the Credit Card Competition Act. The act would give merchants the power to choose credit card network processors, not financial institutions, raising concerns about cut-rate providers who do not offer robust security measures but, rather, offer cost-saving to the merchant at the expense of credit unions and their members. The Association’s most recent letter to Schumer can be found on the Association’s website.
In spite of supporting most credit union initiatives, Schumer stated he intends to stall the SAFE Act, which provides financial institutions and cannabis-related businesses a safe harbor in states in which cannabis has been legalized like New York. The Senate majority leader, the gatekeeper controlling the bills that come to a floor vote, is still insistent that no cannabis legislation will move through the Senate without a social equity component such as statutory expungement.
The Association will continue using its strong relationship with the Senate Majority Leader’s office to advocate to advance credit union initiatives.