Monday, September 26, 2022

OBA partners with ABA, CUNA, other state bankers associations to oppose credit card routing mandates

In a letter sent to the entire House and Senate, a coalition made up of 51 state bankers associations and state credit union associations and leagues from across the country joined the American Bankers Association and Credit Union National Association in strongly urging lawmakers to oppose Sen. Roger Marshall’s and Sen. Dick Durbin’s deeply flawed “Credit Card Competition Act of 2022.”

In the letter, the associations say the misguided Marshall-Durbin proposal will lead to “fewer options for consumers, greater threats to consumer data and privacy, weakened community banks and credit unions and the disappearance of card rewards programs that families of all income levels use to stretch their budgets,” while also “transferring wealth…to a handful of high-volume, highly profitable large merchants.”

The OBA has also joined with the ABA to get our bankers involved at the grassroots level against this legislation. Click here to download a form to sign your name to a letter opposing the Marshall-Durbin proposal.