NAFCU, 140 organizations oppose the Credit Card Competition Act
The Electronics Payment Coalition (EPC) recently released a list of more than 140 organizations that oppose the Credit Card Competition Act, which was introduced in July by Senators Dick Durbin, D. Ill., and Roger Marshall, R. Kansas. The organizations listed span across finance, banking, merchant, and consumer advocate industries and all agree that the proposed credit card routing mandates included in the legislation are bad for consumers, small businesses, and financial institutions of all sizes.
In EPC’s news release, NAFCU President and CEO Dan Berger is highlighted for his clear opposition to the bill, stating, “With no modicum of consideration to the overwhelming risk from untested networks, loss of safe and affordable banking products, and higher credit cost it would pass on to consumers and financial institutions, it’s plain to see this bill is just bad policy all around. NAFCU and its members will work hard to stop this legislation in its tracks.”
NAFCU will remain a leading voice in opposition to the Credit Card Competition Act. Berger recently alerted lawmakers about the negative impacts of imposing any new caps or restrictions on interchange fees and penned an op-ed warning lawmakers and industry leaders to not be fooled by retailers’ messaging. “The name of the legislation sounds nice on paper; however, it is essentially a big-box bailout, imposing a back-door price control on credit card interchange fees that helps line the pockets of giant retailers at the expense of American families and Main Street,” wrote Berger.
continue reading »
