The deadline to participate in the AACUL/CUNA Interchange survey has been extended until Friday, Dec. 23. CUNA sent an email on Thursday to member credit unions that offer debit and/or credit cards and have not yet responded.
As CUNA and the Leagues work to ensure interchange regulations are not extended to credit card programs, CUNA is seeking input from credit unions with credit card programs via a survey. The survey aims to help CUNA quantify the costs and return on credit and debit card programs and understand how potential regulations will impact credit unions and their members.
S.4674, the Credit Card Competition Act of 2022, also known as the Interchange Bill, would impose price caps on the amount merchants can be charged when choosing to utilize credit card networks to build their businesses.
In searching for potential consumer savings, this legislation unilaterally empowers retailers to maximize profits without implementing guardrails for stakeholders and as an unintended consequence, consumers will have less access to safe, affordable financial products. Merchant profits should not come at the expense of the financial health and security of New Yorkers.
Only CUNA’s research team will have access to the results, which will be reported in aggregate. Please note that the survey requires respondents to access data that they may not immediately have on hand, and that a partially filled-out survey is better than no survey. CUNA will still accept it. Information requested in the survey prior to completing the survey can be viewed on the Association’s website: Interchange 2022 Data Requested.