In this episode, CU Times’ Editor-in-Chief Michael Ogden, discusses the incredibly controversial Credit Card Competition Act (CCCA) that appears to be on track for at least a debate, if not passage in the House and Senate this year after several lawmakers have expressed interest in pushing it forward.
The credit union industry has been incredibly outspoken in its opposition to the CCCA. Joining the discussion in this episode is the President and CEO of the Cornerstone League, the very candid and smart Caroline Willard.
In brief, the bill would require the largest credit-card issuing financial institutions in the country—those with assets over $100 billion–to enable at least two credit card networks to be used on their credit cards instead of just one, and at least one of those networks must be a network other than the Visa and Mastercard.
Willard shares her honest and direct thoughts on the CCCA and what dangers are lurking for credit unions behind this legislation. Willard also goes into what discussions she’s having with her member credit unions and what she believes all credit union executives should be doing to now to stop this legislation from moving forward.