STATEMENT from NAFCU President & CEO on Credit Card Competition Act

Dan Berger

“We are disappointed that Senators Durbin, Marshall, Welch and Vance have again introduced the harmful and misleading Credit Card Competition Act. Expanding interchange price controls and routing mandates to credit cards is bad policy, pushed by big box retailers who are looking to pad their bottom line. Contrary to merchants’ deceptive claims, data shows consumers end up paying more across the board – from higher prices of goods, to more expensive card products at their financial institutions, and fewer rewards and benefits on their card purchases.
 
“The legislation doesn’t promote competition. It opens the payments system up to risk from untested networks that cut corners at the expense of consumers, small businesses, and the credit unions that serve them. This bill failed to advance during the last Congress for a reason, and NAFCU will work tirelessly to remind lawmakers of the consequences it will have and ensure it does not pass.”

​– NAFCU President & CEO Dan Berger

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