Defense Credit Union Council (DCUC) Supports Senator Ted Budd's (R-NC)Proposed “Secure Payments Act of 2024”

Study on Impact of Regulation II, Debit Card Interchange Fee Rule

The Defense Credit Union Council (DCUC) provides its support of Senator Ted Budd's (R-NC) proposed legislation, "Secure Payments Act of 2024," requiring the Board of Governors of the Federal Reserve System to study the impacts of the proposed rule on debit card interchange fees and routing, and for other purposes.

“It’s important that credit unions are provided with accessible financial resources, especially in underserved communities nationwide. Recent months have highlighted how limitations on debit interchange fees impact these resources, and consequentially, consumers' financial security,” said Jason Stverak, DCUC Chief Advocacy Officer. “DCUC fully supports Senator Budd’s call for a study of the interchange fee cap because of these reasons.”