What They Are Saying: Community Voices Speak Out Against Durbin-Marshall Credit Card Bill

Consumers, small business owners, and small financial institutions in communities across the country are speaking out against harmful credit card routing legislation.

Robin W. Vogt – Credit Card Competition Act would hurt NH small businesses (Seacoast Online, New Hampshire): “The data is clear that the main beneficiaries of the CCCA would be businesses with $500 million in sales per year. Meanwhile, small businesses are not expected to see significant savings. We know that when a similar rule was passed for debit card transactions in 2010, those same big box retailers that benefited most did not pass those savings onto their customers, with prices staying the same or even increasing.” February 29, 2023

Talia Blake – Credit Card Competition Act could have negative impact on Florida tourism (90.7 WMFE, Florida): “If people can’t rely on the benefits from their credit card rewards to help fund part or all of their trip,…that may make them scale back their travel plans to Florida. [Which] could also impact some jobs in the hospitality industry that rely on the influx of visitors.” March 5, 2024

Jackson Hataway – Hawley Sponsors Damaging Legislation Endangering Missouri Consumers, Businesses (The Missouri Times, Missouri): “Hawley is endangering the privacy and finances of Missourians by co-sponsoring a bill that will have devastating impacts for consumers and small businesses. The deceptively named Credit Card Competition Act gives enormous power to government bureaucrats by putting them in charge of America’s credit card system and forcing financial institutions to use credit card routing networks selected by the federal government. If Durbin succeeds in passing this bill, consumers will suffer catastrophic consequences.” March 5, 2024

Diana Dykstra and Phyllis Gurgevich – The Credit Card Competition Act isn’t really helping consumers (Northern Nevada Business Weekly, Nevada): “The CCCA would place a government routing mandate on credit cards, implementing an even more restrictive policy and worsen the problems experienced for the past 10 years. This means that financial institutions would have to reissue credit cards and be forced to accept and allow access to additional, unaffiliated networks rather than just the networks they know and trust. And, it means rewards, cash-back, and other benefit programs funded through interchange will either be significantly reduced or eliminated. All while introducing new security and privacy concerns.” March 8, 2024

Chad Kaeppel – Congressional bill will hurt Iowa credit unions (The Gazette, Iowa): “Sens. Roger Marshall (R-KS) and Dick Durbin (D-IL) have introduced the Credit Card Competition Act (CCCA). Despite the name, the proposal is anything but competitive and would pose a significant threat to American consumers’ financial security and will hurt Iowa’s credit unions and small banks.” March 9, 2024

Javon L. Harris – Would ending credit card rewards actually hurt tourism? SC’s airports are worried (The State, South Carolina): “A federal bill could stifle South Carolina’s travel and tourism industry by causing credit card rewards and loyalty programs to be scrapped, according to airport executives throughout the state.” March 12, 2024