The trade association America’s Credit Unions is sounding the alarm about a bill that Sens. Dick Durbin (D-IL) and Roger Marshall (R-KS) are trying to pass, with president and CEO Scott Simpson warning that payment systems with weak security may be used as a result.
The Credit Card Competition Act (CCCA) was first proposed by Durbin and Marshall in 2022 before they reintroduced it in January, arguing that it would “increase competition in the credit card market and put an end to the Visa-Mastercard duopoly.” Originally, the legislation was cosponsored by then-Sen. JD Vance (R-OH), and Sens. Peter Welch (D-VT), Josh Hawley (R-MO), and Jack Reed (D-RI).
