Read the original Nerd Wallet article here.
Here is a brief summary of the article:
- The Credit Card Competition Act could impact credit unions’ ability to provide these benefits.
- Most credit unions fall below the asset requirement, but concerns persist about the bill’s potential indirect impact.
- The bill could drive interchange income down for credit unions.
- Some credit unions share their interchange revenue with the community, and the bill could affect their ability to do so.
- The bill’s sponsors argue that competition in the marketplace will benefit consumers.
- There’s some precedent for swipe-fee legislation, but its impact on consumers is debatable.