The Credit Card Competition Act was introduced today and co-sponsored by U.S. Senator JD Vance (R-OH). The measure is a reintroduction of legislation from last Congress that creates a pathway for restaurants and merchants to use alternative credit card payment systems and could restrict credit access and put consumers at increased risk for fraud and data breaches.
OBL is disappointed that Senator Vance chose to support the Credit Card Competition Act at a time when data breaches are on the rise. In 2022, more than 422 million individuals suffered data breaches. Following the announcement, the OBL released a joint statement with the Ohio Credit Union League.
OBL’s Michael Adelman said in the statement “Ohio banks facilitate a seamless, convenient and safe payment system that allows Ohio consumers to use any method of payment they choose while still being protected from fraud. Protecting customer’s sensitive data is the number one priority for Ohio banks and the legislation introduced today makes it harder to do that. It exposes Ohio consumers to more opportunities for fraud and jeopardizes the systems that are in place to return a consumer’s money should they ever encounter such fraud.”
We are asking all OBL members to send a note to Senator Vance expressing our concern for his support of the bill. Please send an email to him to tell him you oppose him supporting this bad idea. The OBL has already written a sample email all you need to do is enter your name and address. Please consider pass this on to others in the bank to generate as much opposition as possible.
Send a message to Senator Vance here.