The American Bankers Association today joined nine bank and credit union associations in urging lawmakers to once again reject legislation that would impose new network routing mandates on financial institutions that issue credit cards.
President Trump expressed support for the retailer-backed Credit Card Competition Act in a late-night post on Truth Social. Sens. Roger Marshall (R-Kan.) and Dick Durbin (D-Ill.) have introduced the CCCA multiple times in recent years, both as a standalone bill and as amendments to other legislation. Lawmakers have consistently shot down the bill amid concerns about its potential harmful effects on credit card holders and small businesses.
In a joint statement, the associations warned that the bill would make life less affordable for Americans by making credit card transactions less secure and by taking away credit card rewards programs.
“Lawmakers have rightly rejected past attempts at legislation and amendments to mandate the reengineering of the nation’s trusted, resilient and efficient credit card payments system just to boost the profits of the nation’s largest retailers,” the associations said. “This Congress should again reject this harmful proposal.”
