American Bankers Association
In a new letter sent to the entire House and Senate, a coalition made up of 51 state bankers associations and state credit union associations and leagues from across the country joined the American Bankers Association and Credit Union National Association in strongly urging lawmakers to oppose Senator Roger Marshall and Dick Durbin’s deeply flawed “Credit Card Competition Act of 2022.” In the letter, the associations say that the misguided Marshall-Durbin proposal will lead to “fewer options for consumers, greater threats to consumer data and privacy, weakened community banks and credit unions and the disappearance of card rewards programs that families of all income levels use to stretch their budgets,” while also “transferring wealth…to a handful of high-volume, highly profitable large merchants.”
Far from increasing competition in the credit card marketplace, the associations noted that the Marshall-Durbin legislation “will reduce the number of credit card issuers competing for consumers’ business, wring out the competitive differences among card products, decimate card rewards programs (such as airline miles) valued by American families and the tourism sector, and put the nation’s private-sector payments system under the micromanagement of the Federal Reserve Board.”
The groups also expressed concern that the Marshall-Durbin legislation would hand control of our nation’s credit card system to breach-prone merchants.