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WASHINGTON, D.C. — 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 full letter can be found below:

WASHINGTON, DC – Today, the Defense Credit Union Council joined ten other trade associations representing the entire financial services industry including the American Bankers Association, Association of Military Banks of America, Bank Policy Institute, Consumer Bankers Association, Credit Union National Association, Electronic Payments Coalition, Independent Community Bankers of America, Mid-Sized Bank Coalition of America, National Association of Federally-Insured Credit Unions, and National Bankers Association in sending a joint letter to House leaders opposing legislation (H.R. 3881) by Representatives Lance Gooden (R-TX) and Zoe Lofgren (D-CA) creating new credit card routing mandates that would eliminate funding for popular credit card rewards programs, weaken cybersecurity protections, and reduce access to credit for those who need it the most. The full letter to House leadership is copied below.

WASHINGTON, DC – Ten trade associations representing the financial services industry including the American Bankers Association, Association of Military Banks of America, Bank Policy Institute, Consumer Bankers Association, Credit Union National Association, Electronic Payments Coalition, Independent Community Bankers of America, Mid-Sized Bank Coalition of America, National Association of Federally-Insured Credit Unions, and National Bankers Association, sent a joint letter to Senate leaders opposing legislation (S.1838) by Senator Roger Marshall (R-KS) and Senator Dick Durbin (D-IL) creating new credit card routing mandates that would eliminate funding for popular credit cards rewards programs, weaken cybersecurity protections, and reduce access to credit for those who need it the most.