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American Banker |

Op-ed: The Credit Card Competition Act Will Harm Military Families

By Major General Stephen J. Lepper, USAF (retired) – President & CEO, American Military Banks of America & Colonel Anthony R. Hernandez, USAF (retired) – President & CEO, Defense Credit Union Council Published in American Banker on December 21, 2022 The lame-duck Senate recently considered and rejected an amendment to the 2023 National Defense Authorization Act that could have inflicted unintended financial harm on our nation’s military families. That amendment is the Credit Card Competition Act of 2022. Why was it an amendment to the NDAA?  Because its sponsors, Sens. Dick Durbin and Roger Marshall, know the only way their proposal will become law is if it’s attached to the only legislation that must pass before the end of this Congress. Since it didn’t pass as part of the NDAA, its sponsors are now looking for other “must-pass” legislation. Last-minute funding bills — continuing resolutions or omnibus appropriations bills — will be their most likely targets. Americans generally, and military families in particular, should be concerned about this proposal because it’s a wolf in sheep’s clothing. Beneath its promise to lower consumer costs by increasing competition among credit card payment networks lies the significant risk that not only will Americans
American Bankers Association |

State Banking Associations from All 50 States Send Letter to Congress Opposing the Credit Card Competition Act

The American Bankers Association (ABA) was joined by state banking associations from all 50 states and Puerto Rico in sending a letter to Congressional leadership, opposing the inclusion of the Durbin-Marshall bill (S. 4674) (H.R. 8874) in the lame duck session of Congress. The letter highlights the detrimental harm that the bill’s credit routing mandates would have on consumers, community banks, and credit unions. 
Small Business and Entrepreneurship Council |

Small Business & Entrepreneurship Council Explainer: Why the Credit Card Competition Act is Bad for Small Businesses

The Small Business and Entrepreneurship Council (SBE Council) strongly opposes harmful credit card routing legislation introduced this year in the Senate (S. 4674) and the House (H.R. 8874). If enacted, credit card routing mandates would be burdensome for small businesses. The mandates would drive billions of dollars from the credit market and force financial institutions to reduce crucial lending to entrepreneurs and their businesses in need. Check out SBE Council’s explainer below that highlights how credit card routing mandates would strip small businesses of valuable services, like fraud prevention, that they rely on to protect their business and customers.