3.5 Million Missourians Will Lose Credit Card Services Under Hawley’s Bill
Nearly 90% of Missourians would lose access to credit cards if legislation sponsored by Missouri Republican Sen. Josh Hawley becomes law, a new study reveals.
The Electronic Payments Coalition examined a bill co-sponsored by Hawley and Sen. Bernie Sanders, I-Vt., that would cap credit card interest rates at 10%. Data from EPC’s study found 3.2 million to 3.5 million Missouri cardholders would effectively lose access to credit cards under the Hawley-Sanders bill.
“The data proves what we have known all along — this bill is dangerous for Missourians,” said MBA President and CEO Jackson Hataway. “This measure will upend the lives of millions of Missourians who use credit cards for their planned and unexpected expenses.”
According to EPC data, Missourians who will lose credit access under Hawley’s bill include nearly every credit card account associated with a credit score below 740. These individuals will be forced to use alternative credit providers — such as payday, online and title lenders — that are exempt from the Hawley-Sanders APR cap.
“Hawley and Sanders are putting individuals directly in harm’s way by forcing them to use unregulated credit providers that charge exorbitant fees,” Hataway said. “They should focus their attention on those unregulated entities that reap profits from excessive fees.”
Hataway added that the only certainty from the Hawley-Sanders bill is “the detrimental pain it will inflict on consumers.”
“A cap is like every price control — it misleads the market and ultimately hurts consumers,” he said.
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The Missouri Bankers Association is a statewide trade and professional organization in Jefferson City that represents the interests of 220 banks, savings and loans and trust companies in Missouri. MBA serves as the principal advocate for the Missouri banking community and provides educational opportunities, products and services that assist bankers with enhancing their banking operations. For more information, visit mobankers.com or follow MBA on X @mobankers.
February 19, 2025