Conservative Leaders Speak Out Against Marshall, Durbin CFPB Hearing
| Electronic Payments Coalition
Leaders from across the Conservative movement are voicing their opposition to the Durbin-Marshall Credit Card Bill following last Thursday’s joint CFPB and Department of Transportation hearing on credit card and airline rewards programs.
Senators Roger Marshall and Dick Durbin teamed up to weaponize the Biden Administration against American companies opposing their proposed government mandates on your credit card.
A new study published this month by EPC reports proposed government mandates included in the Durbin-Marshall Credit Card Bill would decimate credit card rewards programs which have served as a lifeline for working-class families during record-high inflation. Keep reading below to see what Conservative leaders are saying in response to last week’s CFPB hearing on credit card rewards.
Patrice Onwuka – How the Credit Card Competition Act Could Disadvantage Small Businesses (Independent Women’s Forum): “Consumers and small businesses can expect to pay the price for these new regulations in two ways: 1.) The end of credit card rewards programs. Small businesses enjoy the rewards generated by using specific credit cards and invest those rewards back into their businesses. That level is estimated to be over $12 billion. Those benefits will disappear as credit card companies save money. 2.) A reduction in the availability of credit.” May 1, 2024
Committee To Unleash Prosperity – Biden Wants To Kill Airline Rewards Programs(Committee To Unleash Prosperity): “Dick Durbin’s efforts to impose price controls on credit card swipe fees are supported by the CFPB and the Department of Transportation, who disparage the charges as “junk fees.” But, whoops. Durbin and the federal regulators have run into a big PR problem. It turns out that if you put out price controls on the fees, then popular reward programs go away and consumers won’t be too happy about that.” May 13, 2024
Juan Londoño – Taking Away Credit Card Rewards Would Be A Blow to Florida’s Tourism Industry (Taxpayers Protection Alliance): “Banning credit card rewards programs will significantly upend Florida’s tourism industry. Consumers (regardless of their income) consistently use their credit card rewards to offset the cost of travel and vacations.” May 9, 2024
Iain Murray – Want Higher Air Fares? Overregulate Credit Cards (Competitive Enterprise Institute): “This morning, the Consumer Financial Protection Bureau and the Department of Transportation are holding a joint hearing “investigating” airline and credit card reward programs [as] part of the Biden administration’s support for the Credit Card Competition Act. The Act is simply a give-away to large vendors, who have wanted to juice their profit margins at the expense of the banks and credit card users for many years now.” May 9, 2024
