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More Than 140 Organizations Oppose the Durbin-Marshall Credit Card Competition Act

| Electronic Payments Coalition

WASHINGTON, D.C. — Today, Jeff Tassey, board chairman of the Electronic Payments Coalition (EPC), released the following statement highlighting the more than 140 organizations—spanning across finance, banking, merchant, and consumer advocate industries—that oppose the Credit Card Competition Act’s harmful credit card routing mandates introduced by Senator Dick Durbin (D-IL) and Senator Roger Marshall (R-KS):   

“More than 140 organizations agree that the proposed credit card routing mandates included in the Credit Card Competition Act are bad for consumers, small businesses, and financial institutions of all sizes. This legislation is a cynical attempt to enrich big-box retailers at the expense of everyone else. We know that not a dime in savings will be passed on to consumers because we’ve seen this story before. The last time Congress passed interchange regulations, 98 percent of retailers either failed to lower prices or raised prices while enjoying a multibillion-dollar windfall. Small banks and consumers are going to be the biggest losers, where the cost of banking will go up, popular cash back and rewards programs will disappear, fraud will likely explode, and millions of Americans could lose access to credit altogether.” 

The Presidents of CUNA and NAFCU also released statements highlighting the opposition of banking leaders across the country: 

“NAFCU fervently opposes Senators Durbin and Marshall’s Credit Card Competition Act of 2022, which only stands to line the pockets of big box retailers at the expense of consumers trying to make ends meet,” said NAFCU President and CEO Dan Berger. “This unsound legislation fails to recognize the existing, robust competition within the payments network. With no modicum of consideration to the overwhelming risk from untested networks, loss of safe and affordable banking products, and higher credit cost it would pass on to consumers and financial institutions, it’s plain to see this bill is just bad policy all around. NAFCU and its members will work hard to stop this legislation in its tracks.”  

“The so-called Credit Card Competition Act is nothing more than a massive financial windfall for big box retailers at the expense of consumers,” said CUNA President and CEO Jim Nussle. “CUNA, leagues, and credit unions will fight against any legislative changes to the current operation of credit and debit cards.” 

The list of 140+ organizations that oppose the Credit Card Competition Act are listed below: 

American Bankers Association 
Alabama Bankers Association 
Alabama Credit Union Association 
Alaska Credit Union League 
American Association of Credit Union Leagues 
American Commitment 
American Consumer Institute 
Arizona Bankers Association 
Arkansas Bankers Association 
Arkansas Credit Union Association 
Associated Industries of FL 
Association of Vermont Credit Unions  
American Financial Services Association
Americans for Prosperity
Americans for Tax Reform 
Bank Policy Institute 
Citizens Against Government Waste 
California Bankers Association 
California Credit Union League 
Capital Policy Analytics 
Cardinal Institute 
Carolinas Credit Union League 
Cato 
Consumer Bankers Association 
Competitive Enterprise Institute 
Center for a Free Economy 
Center for American Experiment 
Center for Freedom and Prosperity 
Center for Individual Freedom 
Chime 
Colorado Bankers Association 
Committee for Justice 
Connecticut Bankers Association 
Consumer Action for a Strong Economy 
Consumer Choice Center 
Credit Union Association of New Mexico  
Credit Union League of Connecticut
CrossState Credit Union Association 
Dakota Credit Union Association
Dart-In Convenience Store, Ulysses, KS 
Defense Credit Union Council 
Delaware Bankers Association 
Delaware’s Credit Unions 
Digital Liberty 
Electronic Payments Coalition 
Florida Bankers Association 
Florida Credit Union Association 
Florida Tax Watch 
FreedomWorks 
Georgia Bankers Association 
Georgia Credit Union Association 
GoWest Credit Union Association – Colorado 
GoWest Credit Union Association – Idaho 
GoWest Credit Union Association – Oregon 
GoWest Credit Union Association – Washington 
GoWest Credit Union Association – Wyoming 
GoWest Credit Union Association– Arizona 
H&R Block 
Hawaii Bankers Association 
Heartland Credit Union Association – Kansas 
Heritage Action 
Independent Community Bankers of America 
Illinois Bankers Association 
Illinois Credit Union System 
Illinois Hispanic Chamber of Commerce
Independent Women’s Voice 
Indiana Bankers Association 
Indiana Credit Union League 
Institute for Liberty 
Iowa Bankers Association 
Iowa Credit Union League 
Iowans for Tax Reform 
Kansas Bankers Association 
Kentucky Bankers Association 
Kentucky Credit Union League 
Less Government 
Louisiana Bankers Association 
Louisiana Credit Union League 
Maine Bankers Association 
Maine Credit Union League 
Maine Policy Institute 
Maryland and DC Credit Union Association 
Maryland Bankers Association 
Massachusetts Bankers Association 
Massachusetts’ Credit Unions 
Michigan Bankers Association 
Michigan Credit Union League 
Minnesota Bankers Association 
Minnesota Credit Union Network 
Mississippi Bankers Association 
Mississippi Credit Union Association 
Missouri Bankers Association 
Missouri Century Foundation 
Montana Bankers Association 
Montana’s Credit Unions 
National Association of Federally-Insured Credit Unions
National Association of Women Business Owners
National Taxpayers Union
National Bankers Association 
Nebraska Bankers Association 
Nebraska Credit Union League and Affiliates 
Nevada Bankers Association 
Nevada Credit Union League 
New Hampshire Bankers Association 
New Hampshire’s Credit Unions 
New Jersey Bankers Association 
New Mexico Bankers Association 
New York Bankers Association 
New York Credit Union Association 
North Carolina Bankers Association 
North Dakota Bankers Association 
Ohio Bankers League 
Ohio Credit Union League 
Oklahoma Bankers Association 
Oklahoma Credit Union Association 
Oregon Bankers Association 
Pennsylvania Bankers Association 
PSCU 
Puerto Rico Bankers Association 
R Street 
Rhode Island Bankers Association 
Rhode Island’s Credit Unions 
Rio Grande Foundation 
SFOF 
Shareholder Advocacy Forum 
Small Business & Entrepreneurship Council 
South Carolina Bankers Association 
South Dakota Bankers Association 
Spielmann’s Amoco, Hopkins, MN 
Spotlight Liberty 
Taxpayers Protection Alliance 
Tennessee Bankers Association 
Tennessee Credit Union League 
Texas Bankers Association 
Texas Credit Union Association 
The Heartland Institute 
U.S. Hispanic Chamber of Commerce 
United We Succeed 
Utah Bankers Association 
Utah’s Credit Unions 
A View From The Wing
Vermont Bankers Association 
Virginia Bankers Association 
Virginia Credit Union League 
Washington Bankers Association 
West Virginia Bankers Association 
West Virginia Credit Union League 
Wisconsin Bankers Association 
Wisconsin Credit Union League 
Wyoming Bankers Association 

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