MBA: Urge Hawley, Schmitt to Oppose CCCA

MBA is urging bankers to contact Sens. Josh Hawley and Eric Schmitt to oppose the Credit Card Competition Act as proponents of the bill attempt to attach it as an amendment to other measures.


As previously shared by MBA, the proposal would impose unnecessary routing restrictions and cap interchange fees on credit cards while increasing security and fraud risk.

The CCCA was reintroduced in the Senate and House in June after its backers failed last year to secure its passage, thanks to the efforts of bankers and consumers. Supporters, including big-box merchants, are working to insert language from the CCCA into other bills, as well as mandate a study of credit and debit card fees.

“This legislation falls under the jurisdiction of the Senate Banking Committee, and the committee has not held one single hearing or mark up of any credit routing legislation,” said MBA President and CEO Jackson Hataway. “Proponents of CCCA are skirting procedures to advance their agenda that has devasting consequences for consumers.”

MBA strongly urges banks and their customers to tell Hawley and Schmitt to oppose the CCCA.