Hawkeye Reporter

Wayne DuPree, a commentator for The DuPree Report, has expressed concerns regarding the Credit Card Competition Act. He said that the act would negatively impact families and small banks while increasing the power of the Federal Reserve at the expense of the GENIUS Act. His statement was made on X.

"Dick Durbin's Credit Card Competition Act (CCCA) is a gift to big retailers—but a blow to families and small banks," said DuPree. "It's a Trojan horse to sabotage the GENIUS Act and empower the Fed. GOP must hold the line!"

According to congress.gov, the Credit Card Competition Act of 2022 (S.4674) was introduced by Senators Dick Durbin and Roger Marshall. The legislation aims to require banks with over $100 billion in assets to enable transaction processing on at least two unaffiliated networks. It targets exclusive arrangements between major banks and card networks like Visa and Mastercard, intending to foster competition and reduce costs for merchants. The bill is currently under review by the Senate Committee on Banking, Housing, and Urban Affairs.

Convenience Store News reported that U.S. Senators have linked the Credit Card Competition Act to the bipartisan GENIUS Act as part of a strategy to advance credit card reform. This legislative package combines privacy protections with interchange fee reforms in an effort to gain broader support. However, industry stakeholders have raised concerns that this bundling could expedite the passage of the CCCA without adequate examination of its economic implications.

The Federal Reserve has reported that small issuers, including credit unions in states such as Iowa, might face increased costs and reduced interchange revenue due to proposed routing mandates. Public comments included in their report warned that credit unions serving rural and underserved areas could be forced to reduce services as a result. The Federal Reserve noted that these institutions often rely on interchange fees to sustain operations and provide affordable financial products.

DuPree is a professional with over a decade of experience across government, commercial, and military sectors. He specializes in advanced graphic development, desktop publishing, and multimedia production and is recognized for his versatility and creative design skills.