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ABA urges Congress to reject CCCA

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AI Summary

The ABA opposes the Credit Card Competition Act, arguing it will reduce card choice, increase fraud risks, and benefit large retailers at the expense of consumers, community financial institutions, and smaller merchants. The ABA and 52 state banking associations have written to Congress urging rejection of the legislation.

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Original Content

According to ABA, the Credit Card Competition Act would reduce card choice, increase fraud risks, reduce rewards, increase the cost of allocating credit to borrowers, and create economic challenges for smaller financial institutions. The legislation "will not increase competition in the credit card marketplace, but it will benefit corporate megastores at the expense of consumers, community financial institutions and smaller neighborhood retail merchants," ABA and 52 state banking associations wrote to Congress. The post ABA urges Congress to reject CCCA appeared first on ABA Banking Journal .