Joint Financial Sector Letter Opposing Marshall-Durbin NDAA

Dear Majority Leader Schumer, Minority Leader McConnell, Speaker McCarthy, Minority Leader Jeffries, Chairman Reed, Ranking Member Wicker, Chairman Rogers, and Ranking Member Smith:

The undersigned national trade associations, representing virtually all banks and credit unions, including those primarily serving military-affiliated customers and members, write to express our strong opposition to consideration of the so-called “Credit Card Competition Act of 2023” (if filed as an amendment as the bill sponsors did last year) and an impractical, technically flawed, and unnecessary study proposal, Amendment 177 as an amendment(s) to this year’s National Defense Authorization Act (NDAA). Both are aimed at expanding the Durbin Amendment (Dodd-Frank Wall Street Reform Act (Dodd- Frank Act).

These non-germane amendments will rob military families of their credit card rewards, reduce the availability of safe credit, and undermine the nation’s data security. They have been filed with the goal of enriching the largest multinational retailers and obscure payments processors and have no business being added to annual legislation designed to bolster our national defense.

Both proposals are complex and flawed and in need of the scrutiny of regular order in the respective committees of jurisdiction. These highly-contentious and divisive amendments directly involve the interests of various committees with judicial, federal prudential, and international trade oversight.