CCCA Gains Senate Momentum to Ease Inflation via Fair Swipe Fees
The Credit Card Competition Act (CCCA) is gaining momentum in the U.S. Senate. Led by the National Retail Federation (NRF), retailers have long fought for fair swipe fees. The CCCA aims to ease inflation by controlling these fees, with bipartisan support growing. It targets major banks like us bank, boa, and pnc bank, leaving local community banks and small credit unions unaffected.
The CCCA would apply only to banks with at least $100 billion in assets. It seeks to save retailers and their customers $17 billion annually by promoting competition. The act requires large banks to allow credit card processing over at least two unaffiliated networks, fostering rivalry over fees, security, and service.
Retail, the nation's largest private-sector employer, contributes significantly to the economy. It generates $5.3 trillion in annual GDP and supports over one in four U.S. jobs. Senators Roger Marshall and Kyrsten Sinema have introduced an amendment incorporating the CCCA into the GENIUS Act, which regulates stablecoins. The CCCA's adoption as part of cryptocurrency legislation is expected to be approved by the Senate.
The CCCA, led by the NRF, targets major banks like us bank, boa, and pnc bank to ease inflation through fairer swipe fees. With bipartisan support and expected Senate approval, it promises significant savings for retailers and customers. The act leaves local community banks and small credit unions untouched, focusing solely on large institutions.
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