ABA Strongly Opposes Re-Introduced Credit Card Legislation

“We strongly oppose the damaging credit card legislation led today by Sen. Dick Durbin (D-IL), Sen. Roger Marshall (R-KS), Sen. J.D. Vance (R-OH), Sen. Peter Welch (D-VT), Rep. Lance Gooden (R-TX), Rep. Zoe Lofgren (D-CA), Rep. Jeff Van Drew (R-NJ), and Rep Tom Tiffany (R-WI). This is a regressive bill that takes from consumers, community financial institutions and small businesses and gives to the most profitable global retailers and biggest grocery chains. It’s particularly surprising to see Reps. Lofgren, Van Drew, and Tiffany partnering with Rep. Gooden to champion the top legislative priority of growing grocery conglomerates, rather than standing up for food shoppers. Likewise, it’s hard to understand why Sen. Vance is working with Sens. Durbin, Marshall and Welch to promote the profits of big box department stores and dominant online retailers in their plan to take away Ohioans’ credit card rewards. We’ve seen this movie before: the original Durbin Amendment eliminated debit card rewards, raised banking fees, and increased fraud costs all without lowering costs for consumers. At this time of high prices and security risks, America’s banks are focused on protecting consumers and we will vigorously oppose this misguided legislation.”