Sharefax Credit Union CEO Todd Cain appeared on The Scott Sloan Show in Cincinnati, Ohio to discuss the negative impacts of the Credit Card Competition Act, co-sponsored by Sen. J.D. Vance, R-Ohio. 

'We see, and we're continuing to see, fraud costs continuing to rise cross all cards that are being used. Every time that happens the merchants don't pay for those breaches, we do," Cain said. "As credit card issuers, each and every time merchants' store data in a way they're not supposed to, we have to re-issue cards and reimburse members. This is extremely expensive, and the interchange income we receive only covers a portion of that."

Cain detailed how interchange fees pay many other other pro-consumer benefits. He added that the interchange bill would negatively impact those funds while enriching the biggest box retailer. 

Cain and Sloan also discussed how the "little guys" were harmed with the Durbin Amendment, and Cain reinforced that the current bill would be an even more costly mistake.