The Credit Card Competition Act (CCCA) would harm consumers who will likely experience reduced access to affordable credit, risks to data privacy, and exposure to fraud, Cornerstone League President/CEO Caroline Willard wrote in The Kansas City Star. CUNA, Leagues, and credit unions kept the Credit Card Competition Act from moving forward in the last Congress and are monitoring potential introduction in this Congress.
"The CCCA would restrict credit card issuers with more than $100 billion in assets from processing transactions on the two largest credit card networks," Willard wrote. "The proposed act would also prohibit networks that have affiliated companies with the credit card issuer from processing purchases, posing a major security risk to consumers’ transactions that would go through untested credit card processors.
"If the CCCA were passed into law, Kansas’ 777,941 credit union members would likely experience reduced access to affordable credit, and it would risk millions of consumers’ data privacy, exposing them to potential fraud," she added.