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Local Voices Speak Out Against Durbin-Marshall Credit Card Bill…

| Electronic Payments Coalition

Local business owners and community leaders know the Durbin-Marshall Credit Card bill favors mega-stores, leaving local economies to bear the negative consequences.

Fmr. Senator Pat Toomey, Pennsylvania – Why Congress Should Stay Out of the Credit Card Industry (Townhall): This bill would harm the very Americans it is purported to help. The Credit Card Competition Act may not be an explicit price cap, but it acts as a backdoor price cap on a large portion of the credit card market because it limits banks’ ability to use Visa and Mastercard networks to process transactions and forces banks to use cheaper and potentially less secure networks. The outcome for consumers would be the same as [The Durbin Amendment]—less bank revenue for funding operating costs, security measures, fraud protection and card rewards programs. Expect to see many rewards programs diminished and disappearing.”
Tammeca Rochester, New York – Protecting the electronic payments system for small business (AMNY): “The CCCA, as it stands, claims to promote competition in credit card networks. Contrary to its title, if the CCCA became law, businesses like mine would not see meaningful savings or competition, if any, and we could face new risks in processing payments. While mega retailers might find opportunities to negotiate directly with payment networks to save on interchange fees, small businesses do not have this same power. Those companies may see savings, but they have no incentive to pass those down to us. Congress should recognize the importance of small businesses and oppose the CCCA. I hope the New York delegation will work to safeguard the foundation of our small business ecosystem and shut down this bill.”
West Virginia Delegate Jimmy Willis Credit Card Competition Act Hurts Economic Growth (Wheeling News-Register): “If passed, the Credit Card Competition Act would establish a routing mandate and allow credit card purchases to be processed on alternate payment networks. This would reduce the funds that card-issuing banks use to invest in consumer benefits and make credit cards widely accessible…Passing the Credit Card Competition Act will hurt our efforts to grow tourism and expand airline service in this state.”
Chris Merritt, South Carolina – The proposed Credit Card Competition Act (CCCA) is not good for small business (Midlands Biz): “We have to take care of our employees, manage cash flow and of course, deliver for our customers. I have many tools to help me juggle it all, but one that provides tremendous value to my business is the ability to process electronic payments securely and conveniently, while extending access to credit cards and the rewards that come with them. As a small business owner, I worry about many things – but something I don’t worry about is how simply and safely cash flows through credit cards enabling me and my customers to keep projects and business moving forward. I don’t want Congress meddling with this critical tool that small businesses need to stay afloat and weather economic hardships.”
Patrick Demmer, Colorado – Don’t take away Denver’s points and union jobs (Colorado Politics): “Americans across the country rely on credit card rewards. Many, in fact, use them to travel…But this bill could be the end of travel credit card points. The tourism industry is especially concerned about points disappearing. Its unions are speaking out against the bill and warning the loss of airline miles and points will cause people to have to cut back on travel. Both the Association of Flight Attendants-CWA and International Association of Machinists and Aerospace Workers are opposed to this bill. Ending credit card point programs will hurt Colorado families and anyone who works in the travel industry. I’m proud to stand with my brothers and sisters in labor, and our leaders need to do the same.”
Gordon Monoghan, New Mexico – Dangers Of Credit Card Competition Act (LA Daily Post): “At first glance, the Credit Card Competition Act is an arcane bill that deals with interchange fees and payment networks, but it will actually have a huge impact on our state—and small businesses like mine. In tinkering with the credit-card payment processing system, the CCCA will do away with credit-card rewards programs, including points programs—an important part of how middle-class families pay for discretionary travel. New Mexico has benefitted from credit-card points programs with higher airport passenger traffic, hotel bookings, restaurant patronage, and local retail spending.   Small businesses like mine depend on a robust tourism economy. For the good of small businesses around the state, the U.S. Senate must say no to the Credit Card Competition Act.”

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