The leader of a national trade association representing credit unions is warning of a piece of legislation being pushed by both sides of the political aisle that could have a negative impact on credit card users, while giving giant retailers a break.
\n\nScott Simpson, president and CEO of America’s Credit Unions, took to the stage in Washington, D.C. on Tuesday with Breitbart News economic editor John Carney to sound the alarm about the Credit Card Competition Act (CCCA).
\n\nOriginally introduced by Sens. Dick Durbin (D-IL) and Roger Marshall (R-KS) with bipartisan support in 2022 before it was reintroduced to Congress in January of this year, the stated goal of the CCCA is to “increase competition in the credit card market and put an end to the Visa-Mastercard duopoly.”
\n\nDurbin is specifically known for his legislation that impacts finance and banking, with the infamous “Durbin amendment” being added last minute to the 2010 Dodd–Frank financial reform legislation to force the Federal Reserve to limit fees charged to retailers for debit card processing.
\n\nNow, Durbin and Marshall want to further limit major creditors by requiring banks with more than $100 billion in assets to offer merchants a choice of at least two…
Original source: https://www.breitbart.com/economy/
