The American Bankers Association today launched a major TV, radio and digital advertisement campaign calling out the negative implications that the Credit Card Competition Act could have for consumers, warning that if passed, it could force the elimination of popular credit card rewards programs.
The bill—which has been introduced in the House by Reps. Peter Welch (D-Vt.) and Lance Gooden (R-Texas) and by Sens. Dick Durbin (D-Ill.) and Roger Marshall (R-Kan.) in the Senate—would eliminate consumer choice by allowing retail chains to route their customers’ transactions over the cheapest credit card network regardless of security capabilities or rewards offerings. The legislation has not received a hearing in Congress.
The ads call on lawmakers to reject any attempt to advance the bill during the lame duck Congress and urge consumers to contact their lawmakers to oppose the bill. “Senators Marshall and Durbin, Senator-elect Welch and Representative Gooden have introduced anti-consumer legislation that would reduce choice, jeopardize consumer data security, and eliminate travel points and other popular credit card rewards programs,” said ABA President and CEO Rob Nichols. “This ad campaign educates the public on the negative impact this bill would have on consumers and urges lawmakers to oppose mega-retailers’ attempt to pad their profits while they are already charging sky-high prices.”
ABA Banking Journal Staff
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