WASHINGTON — NACS has learned that a vote on the Credit Card Competition Act could be expected as early as next Wednesday, July 26. Therefore, NACS asks each and every member of our industry to contact your senators immediately and demand that they vote on the bill.
Bipartisan legislation was introduced in both the U.S. House and Senate on June 7 to create options for processing credit card purchases and address fees, which NACS and its members have advocated for more than two years decades This week, Senators Richard Durbin (D-IL) and Roger Marshall (R-KS) introduced their commission bill, the Credit Card Competition Act, as an amendment to the National Defense Authorization Act ( NDAA), which the Senate is expected to vote on next week.
However, the situation is very fluid, and it is currently not clear that there will be a vote. Senators Durbin and Marshall continue to push hard to keep the amendment tied to the NDAA, and the grassroots is desperately needed. Banks have been spending millions this week alone to block a vote; the president of the American Bankers Association has even said that “will spend whatever it takes” to block a vote on the CCCA. NACS appeals to industry advocates to contact their senators as soon as possible and demand a vote on the bill.
The National Defense Authorization Act authorizes activities of the Department of Defense for the fiscal year and addresses other matters of national security importance, and the Credit Card Competition Act addresses matters of national security importance . If passed, Senators Durbin and Marshall’s amendment would require the largest U.S. banks that issue Visa or Mastercard credit cards to allow transactions to be processed through at least two unaffiliated card payment networks, effectively providing a safety net to our payment system in the event of a hack. or payment interruptions. It would also close an obvious security gap by blocking foreign government-backed networks like China UnionPay from entering the US market.
NACS will continue to provide updates on this situation as it develops. Until then, please contact your senators now and tell them to vote on the NDAA which includes the Credit Card Competition Act. Swipe rates for convenience stores have increased 82% since the start of 2020, and retailers are demanding the same competition in routing options they face every day serving communities across the country. Senators Durbin and Marshall told NACS that they remain committed to our industry and believe a vote through the NDAA is the best opportunity for a floor vote and continued progress on this legislation.
