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Hard-working Americans have been battling record inflation for years, while the profit margins of giant corporations continue to expand, making it difficult for small businesses on Main Street to keep the lights on. It has become.
Currently, these large stores are new This law could compromise the security of local banks, credit unions, and data. The new bill will negatively impact credit card services; reward As we know.
Under Durbin Marshall's credit card bill, America's major credit card networks would be completely changed.
The new mandate being sought by Sens. Durbin and Marshall and their corporate allies, Megastore, would force credit cards to go through an entirely new processing network. These mandates allow stores to cut costs and take advantage of cheaper, untested networks, and increase the risk that bad actors can obtain sensitive consumer data, all of which are linked to Walmart and to line the pockets of targets around the world.
These changes will occur all at once significant system cost – Costs ultimately borne by consumers and the local financial institutions that serve them. As a result, many credit unions and local banks will be forced to withdraw from issuing cards.
That's not the only harm. This bill would place sensitive consumer data in the hands of unknown and untrusted processing networks.As Megastore has proven time and time again through infamous data breaches, they please do not Prioritize data security. Banks, on the other hand, are paying close attention to and investing heavily in the resources needed to effectively protect their customers' data.
Basically, these megastore conglomerates want to make money by accepting credit cards, but they don't want to be the ones paying for the actual service. This bill isn't about encouraging them to compete, it's about controlling them.
Megastore and its allies are going out of their way to spread false claims about what this bill actually means for Americans. And this is certainly not the first time they have lied to us.
In 2010, Megastore and its allies told the same lie, leading Congress to pass the Durbin Amendment. The Durbin Amendment introduced price controls on debit card fees, which had ripple effects throughout the economy.
Government Accountability Office (GAO) found The economic impact of the Durbin Amendment resulted in the loss of debit benefits programs and free checking accounts across the board, hitting low-income Americans the hardest.a 2022 report Researchers from the University of Pennsylvania and Georgetown University showed that the Durbin amendment “led to increased checking account fees paid by consumers.” Despite this devastating impact, megastores are once again in trouble. This time, Congress needs to listen to American consumers.
More than 140 million Americans rely on credit unions, especially those in small towns and rural areas. If Congress truly wanted to protect Americans and the institutions they depend on, they would vigorously oppose this bill.
So far, organizations representing community banks and credit unions in all 50 states have Signed letter to Congress To continue supporting Americans, I am opposing Durbin Marshall's credit card bill.
It's time for Congress to do the same. Consumers cannot continue to pay for it.
