More than 170 Organizations Oppose the Walmart-Target Sponsored Credit Card Competition Act

WASHINGTON, D.C. — Today, Jeff Tassey, board chairman of the Electronic Payments Coalition (EPC), released the following statement highlighting the more than 170 organizations—spanning across finance, banking, merchant, travel, and nonprofit industries—that oppose the Credit Card Competition Act’s (S. 4674) (H.R. 8874) harmful credit card routing mandates that will inflict severe harm on consumers, small businesses, and financial institutions of all sizes.  

“More than 170 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 more than 170 organizations that oppose the Credit Card Competition Act are listed below: