Closeup image of a woman holding and choosing credit card to use Credit/AdobeStock

A new piece of legislation regarding credit cards has been introduced in the U.S. Senate. The proposed Credit Card Competition Act of 2023 (CCCA) targets credit card interchange income that issuers receive to offset costs and provide benefits in offering credit cards to their customers.

If this legislation passes, it will severely limit the benefits that cardholders receive from using credit cards and could fundamentally change how consumers can use their credit cards in future. The legislation will hurt small financial institutions like credit unions the most, limiting their ability to even offer members a credit card. I oppose this harmful legislation and believe consumers should, too.


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