The League of Southeastern Credit Unions and Affiliates is encouraging Sens. Marco Rubio (R-FL) and Rick Scott (R-FL) to join the organization in opposing the Credit Card Competition Act (CCCA).
According to the League of Southeastern Credit Unions and Affiliates, the organization represents 302 credit unions in Alabama, Florida and Georgia possessing a combined total of more than $175 billion in assets and more than 11.6 million members.
“The so-called Credit Card Competition Act (CCCA) would require payment networks that do not have the same investment in security, fraud prevention and liability protections as other more established networks, allowing foreign-owned networks to process and handle the data for American consumers’ financial transaction,” League of Southeastern Credit Unions and Affiliates President Samantha Beeler recently wrote in The Florida Standard.
According to Beeler, the interchange bill would create new regulations and make consumers’ financial data vulnerable. The measure would also pose similar security threats such as those facing the financial sector and TikTok, she wrote.
“Our senators have been proactively countering these threats, but now we need their leadership to stop their colleagues from passing a self-inflicted wound that would make their work much harder,” Beeler wrote. “If you are worried about our enemies accessing public data, imagine the danger that may lie ahead if they could reach our most sensitive and private financial information.”