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PSA from Missouri Bankers Association
Posted on: May 21, 2025 at 15:30:16 CT
Wildcat KSU
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32290
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TELL SENATORS TO VOTE 'NO!' ON CCCA
Your action is needed to block the so-called Credit Card Competition Act from becoming law. We urge you to contact Sens. Josh Hawley and Eric Schmitt today and ask them to vote against the harmful CCCA amendment.
Sen. Roger Marshall, a Kansas Republican, filed an amendment Tuesday to add CCCA to the GENIUS Act, a bipartisan bill that would establish federal oversight of payment stablecoins. Because the GENIUS Act has already received bipartisan support, it is highly likely that the Senate will pass the measure.
It is inappropriate and irresponsible that Marshall and Sen. Dick Durbin, D-Ill., CCCA’s main sponsors, are inserting completely unrelated and highly controversial legislation on routing networks for credit cards into a priority, bipartisan bill that would bring a regulatory framework to stablecoins in the U.S.
CCCA has absolutely nothing to do with stablecoins. It is a controversial proposal that must be vetted through the legislative process and debated on its own merits. Adding CCCA to the GENIUS ACT hinders hard-fought efforts to pass bipartisan stablecoin legislation.
CCCA’s flawed credit card mandates will undermine security, reduce consumer choice and hurt small businesses. Payment information will be at risk, and fraud will increase. The routing mandates would shift billions in consumer spending to less secure, untested and higher risk payment systems.
Passage of CCCA will restrict available credit for the economy. Financial institutions will find it increasingly difficult to fund and offer credit access to small businesses and consumers, which will significantly stifle economic growth across the country.
It is imperative that you and your team take time to express your opposition to CCCA to Hawley and Schmitt. They must hear from you about the damaging effects CCCA will have on their constituents and business community. Tell them to say “NO!” to CCCA!
Jackson Hataway, MBA President
Jackson Hataway
MBA President and CEO
Your action is needed to block the so-called Credit Card Competition Act from becoming law. We urge you to contact Sens. Josh Hawley and Eric Schmitt today and ask them to vote against the harmful CCCA amendment.
Sen. Roger Marshall, a Kansas Republican, filed an amendment Tuesday to add CCCA to the GENIUS Act, a bipartisan bill that would establish federal oversight of payment stablecoins. Because the GENIUS Act has already received bipartisan support, it is highly likely that the Senate will pass the measure.
It is inappropriate and irresponsible that Marshall and Sen. Dick Durbin, D-Ill., CCCA’s main sponsors, are inserting completely unrelated and highly controversial legislation on routing networks for credit cards into a priority, bipartisan bill that would bring a regulatory framework to stablecoins in the U.S.
CCCA has absolutely nothing to do with stablecoins. It is a controversial proposal that must be vetted through the legislative process and debated on its own merits. Adding CCCA to the GENIUS ACT hinders hard-fought efforts to pass bipartisan stablecoin legislation.
CCCA’s flawed credit card mandates will undermine security, reduce consumer choice and hurt small businesses. Payment information will be at risk, and fraud will increase. The routing mandates would shift billions in consumer spending to less secure, untested and higher risk payment systems.
Passage of CCCA will restrict available credit for the economy. Financial institutions will find it increasingly difficult to fund and offer credit access to small businesses and consumers, which will significantly stifle economic growth across the country.
It is imperative that you and your team take time to express your opposition to CCCA to Hawley and Schmitt. They must hear from you about the damaging effects CCCA will have on their constituents and business community. Tell them to say “NO!” to CCCA!
Jackson Hataway, MBA President
Jackson Hataway
MBA President and CEO
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PSA from Missouri Bankers Association - Wildcat KSU - 5/21 15:30:16