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More than 170 Organizations Oppose the Walmart-Target Sponsored 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 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:

Airlines for America
American Airlines
American Bankers Association
Alabama Bankers Association
Alabama Credit Union Association
Alamerica Bank
Alaska Airlines
Alaska Credit Union League
Alaskans for Tax Reform
Alaska Policy Forum
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
Americans for Prosperity
Americans for Tax Reform
Association of Military Banks of America
Bank Policy Institute
Citizens Against Government Waste
California Bankers Association
California Credit Union League
California Hispanic Chambers of Commerce
Capital Policy Analytics
Cardinal Institute
Carolinas Credit Union League
Carver Financial Corporation
Carver State Bank
Citizens Trust Bank
Consumer Bankers Association
Competitive Enterprise Institute
Center for a Free Economy
Center for American Experiment
Center for Freedom and Prosperity
Center for Individual Freedom
Colorado Bankers Association
Committee for Justice
Community Development Bankers Association
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
Delta Airlines
Digital Liberty
Electronic Payments Coalition
Florida Bankers Association
Florida Credit Union Association
Florida Tax Watch
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
Hawaiian Airlines
Hawaii Bankers Association
Hawaii Lodging and Tourism Association
Heartland Credit Union Association – Kansas
Heritage Action
Independent Community Bankers of America
Illinois Bankers Association
Illinois Credit Union System
Independent Women’s Voice
Indiana Bankers Association
Indiana Credit Union League
Industrial Bank
Institute for Liberty
Iowa Bankers Association
Iowa Credit Union League
Iowans for Tax Reform
JetBlue Airlines
Kansas Bankers Association
Kentucky Bankers Association
Kentucky Credit Union League
Less Government
Liberty Bank And Trust
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 Center for Public Policy
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
Puerto Rico Bankers Association
R Street
Rhode Island Bankers Association
Rhode Island’s Credit Unions
Rio Grande Foundation
Shareholder Advocacy Forum
Small Business & Entrepreneurship Council
South Carolina Bankers Association
South Dakota Bankers Association
Southwest Airlines
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
The Points Guy
U.S. Hispanic Chamber of Commerce
United Airlines
United We Succeed
Utah Bankers Association
Utah’s Credit Unions
A View From The Wing
Vermont Bankers Association
Virginia Association of Community Banks
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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