STATEMENT: America’s Credit Unions Urges Lawmakers to Vote No on Marshall Credit Card Swipe Fee Amendment

Scott Simpson

As you may know, Senator Roger Marshall’s recently opted to file an amendment to the Senate Agriculture Committee’s cryptocurrency bill that would insert Credit Card Competition Act mandates into the legislation. This latest effort revives a proposal that would disrupt the credit card payments system, harm consumers and small financial institutions, and primarily benefit the largest retailers in the country. America's Credit Unions' President/CEO Scott Simpson issued the following statement:

“Attempting to attach the Credit Card Competition Act language to a cryptocurrency bill does not change the underlying facts. This proposal would still disrupt a secure and well functioning credit card system in ways that hurt consumers and small financial institutions while delivering a windfall to the largest retailers in the country. Forcing routing mandates into the payments system increases fraud risk, weakens consumer protections, and ultimately limits access to affordable credit for millions of credit union members. Lawmakers should reject efforts to revive this flawed policy and not support any amendments related to credit card mandates.”
​— Scott Simpson, President and CEO, America’s Credit Unions

---