Financial Services Industry Sends Joint Letter to Congress Opposing Durbin-Marshall Amendments to NDAA

WASHINGTON, DC — Today, ten trade associations representing virtually all banks and credit unions, including those primarily serving military-affiliated customers and members, sent a joint letter to Congressional leaders expressing strong opposition of the so-called “Credit Card Competition Act of 2023” and an impractical, technically-flawed, and unnecessary study proposal (Amendment 177) as amendments to this year’s National Defense Authorization Act (NDAA).

The letter argues that, “these non-germane amendments will rob military families of their credit card rewards, reduce the availability of safe credit, and undermine the nation’s data security. They have been filed with the goal of enriching the largest multinational retailers and obscure payments processors and have no business being added to annual legislation designed to bolster our national defense.”

EPC Executive Director Aaron Stetter commented in response to the Durbin-Marshall amendments saying, “the inclusion of the Walmart-Target sponsored Credit Card Competition Act within the NDAA, like a Trojan horse, demonstrates that this bill lacks sufficient merits to stand alone. Congress should resist any effort to include Durbin-Marshall within NDAA.” The full letter can be found HERE.