Congress’s Proposed “Credit Card Competition Act”
Bad News for Kansas Families & Small Businesses
The Credit Card Competition Act that was introduced in June of 2023 by U.S. Senator Dick Durbin (D-IL) and Senator Roger Marshall (R-KS) will end credit card rewards programs as we know them and open our financial system to increased fraud if it passes Congress.
PRESS RELEASE
Federal Reserve Official Admits Marshall Bill Has Negative Impact on Citizens and Economy
800k+
Kansas households could be affected by this legislation.
A direct attack on Kansas Families and Small Business
It will not benefit small businesses. The bill was designed to reward the big box retailers that are smothering local and family-owned small businesses.
This bill will help Big Business, the very ones Senator Marshall says he’s fighting against. Big box companies back this bill because they stand to KEEP billions in fees!
Lois Spillman & Andy Hoosier discuss the negative impact the Big Box Bill will have on Kansas families. Listen in and get informed on this awful bill Senator Marshall has decided to support.
Opening the U.S. financial system to fraud and abuse.
– In a misguided attempt to infuse “competition” into interchange services, the CCCA would not allow interchange fees to be processed by two of the largest and most reputable credit card networks (Visa and MasterCard) at the same time.
– Visa and Mastercard spend billions of dollars on fraud detection and prevention, but with interchange revenue reduced, the networks could be more vulnerable to fraud and abuse.
– The CCCA could also expose Americans to heightened security risks if payments are routed to less established and less secure credit card processing networks.
– The CCCA forces merchants to choose from at least one network that is not run by the major credit card companies, and smaller less established credit card networks will likely have less security infrastructure to keep transactions safe.
Speaking with Lois Spillman about the Credit Card Compensation Act. Discussion of centralizing financial system, banking system, credit card rewards, and more.
Recent Press
ELECTRONIC PAYMENTS COALITION SLAMS NEW YORK TIMES VIDEO ON CREDIT CARD REWARDS
An organization representing major credit card companies issued a strong rebuke of claims made against the industry in a video by the New York Times.
Richard Hunt, Executive Chairman of the Electronic Payments Coalition, refuted what he said are “deceptive, erroneous claims about credit card rewards.”
EPC Debunks NYT Video, Setting the Record Straight on the Universal Benefits of Credit Card Rewards for Merchants & Consumers
The Electronic Payments Coalition (EPC) has responded to a New York Times opinion video, debunking its inaccurate claims about credit card rewards. In their response, the EPC emphasizes that credit card rewards benefit Americans of all income levels and warns against proposed credit card routing mandates that could impact data security and access to credit.
CONSUMERS UNLIKELY TO REAP BENEFITS FROM CREDIT CARD FEE RESTRICTIONS: STUDY FINDS
In a recent study conducted by economist Stephen Moore, it has been found that proposed legislation in Congress aiming to restrict transaction fees imposed by credit card companies might not actually benefit consumers as claimed. The study, published by the Committee to Unleash Prosperity, challenges…
KANSAS WOMAN QUESTIONS SENATOR MARSHALL SUPPORT FOR BILL THAT WOULD AFFECT CREDIT CARD AWARD PROGRAMS
A retired Andover, Kan. woman is questioning why U.S. Sen. Roger Marshall (R-KS) would “team up with Dick Durbin” to sponsor a measure that she said could threaten the cash-back incentives provided by her credit cards..
WASHINGTON’S CREDIT CARD PRICE CONTROLS WILL HURT CONSUMERS
Senator Dick Durbin is taking a bold stand against the credit card industry, sparking intrigue as to why he’s challenging a system deeply ingrained in the American lifestyle, where credit card debt exceeds $1 trillion. With a staggering number of credit and debit cards in circulation offering attractive reward programs, this article delves into Durbin’s motivations and the potential impacts of his actions..
CONGRESS IS PLANNING A MULTI-BILLION DOLLAR WEALTH TRANSFER FROM WORKING AMERICANS TO BIG-BOX RETAIL STORES
The Biden administration and zealots in Congress are pushing forward an egregious cash-grab that picks the pockets of working-class families and subsidizes wealthy corporations while opening Americans up to credit card fraud..
Making it more difficult for low-income and minority families to access safe credit.
- The CCCA would reduce interchange revenue and raise the cost of issuing credit to working families.
- This will likely lead to higher credit card maintenance fees for millions of Americans as well as tighter credit requirements that could make credit cards less accessible.
- A GAO report noted that regulations on interchange fees have “significantly affected the cost or availability of basic banking services” in the past.
- Higher credit card maintenance fees and reduced access to credit could leave vulnerable families without safe options – forcing families in need to resort to predatory payday loans instead.
There is Still Time
To Stop This Risky and Costly Bill From Passing.
The CCCA failed to make it into the National Defense Authorization Act (NDAA earlier this year, but Senators are pushing for a standalone vote on the bill before the end of the year.
All Kansans who are concerned about their hard-earned rewards programs disappearing and increased fraud and abuse for credit cards transactions should contact their Senators and urge them to oppose the CCCA before it’s too late.