Joint State Financial Services Associations Letter Opposing S.4674 & Expansion of Durbin Amendment Routing to Credit

Press release

CBA has joined a joint letter opposing the so-called “Credit Card Competition Act of 2022” (S. 4674) introduced by Senators Roger Marshall (KS) and Dick Durbin (IL). The legislation reduces the number of credit card issuers competing for consumers’ business, wrings out the competitive differences among card products, decimates card rewards programs, and puts the nation’s private-sector payments system under the micromanagement of the Federal Reserve Board. The bill does this by using legislation to award private-sector contracts to a small handful of the sponsors’ favored payment networks in order to pad the profits of the largest internet and national merchants who are raising prices on American families far more than the real rate of inflation.