Alabama credit unions say proposed law would mean less protection, higher costs

For some, the Credit Card Competition Act making its way through Congress would introduce competition in the credit card payment processing sector, primarily handled by major networks like Visa and Mastercard. For others, if the proposal became law, the implications would be “disastrous.” The Alabama Credit Union Association (ACUA) says a recent report by Cornerstone Advisors identifies clear-cut downsides of the proposed legislation — including fewer privacy protections, more data breaches, and higher costs for consumers and small businesses. According to the group, Cornerstone’s study under