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Feb 23, 2024 · Durbin and co-sponsor U.S. Sen. Roger Marshall, R-Kan., were attempting to tie the Competition Act to surcharges that stores on military bases imposed on credit card users.
- 2 min
- Jaime Catmull
- “The bill reduces the credit availability that consumers currently have.” With credit card companies making less on each transaction, their ability to loan out money will decrease, making it harder for people to gain credit, according to Stverak.
- “The bill will negatively impact the amount of money credit card companies have to protect their customers from fraud. Making the bill a significant threat to data security and privacy of consumer data.”
- “Passing the bill is supposed to help small businesses, but the real winners are the mega retailers. Mega retailers who do millions of daily transactions are the ones who genuinely benefit and make money from the bill.”
- “There is no evidence that retailers will pass savings to customers. If the bill passes, retailers will make more money on each transaction with no added benefits given to the consumer.”
Sep 22, 2023 · CHICAGO (CBS) -- Credit card rewards and airline miles could become a thing of the past, thanks to a new bill proposed in Congress, at least according to opponents of the Credit Card...
- tafeurer@cbs.com
- 58 sec
- Web Producer, CBS Chicago
Dec 7, 2023 · He also condemned the Electronic Payments Coalition who have spent a combined $51 million lobbying against this legislation since 2022 and debunked claims that the bill will harm credit card rewards. “Each time a credit card is used—to make a donation to the Red Cross, purchase groceries, fuel, diapers, or anything else—Visa and ...
Jul 20, 2023 · The American Bankers Association spotlighted the possible damage to credit card rewards in targeted ads that ran in districts belonging to Durbin’s allies.
Dec 7, 2022 · Democratic Sen. Dick Durbin of Illinois, namesake of the original Durbin Amendment, joined this time around by Republican Sen. Roger Marshall of Kansas are partnering with the big-box...
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Jul 28, 2022 · Bill would enhance competition and choice in the credit card network market, which is currently dominated by the Visa-Mastercard duopoly. WASHINGTON — U.S. Senate Majority Whip Dick Durbin (D-IL) and U.S. Senator Roger Marshall, M.D. (R-KS) introduced the bipartisan Credit Card Competition Act of 2022, legislation that would enhance ...
