Virginia's banking and credit union representatives have voiced concerns over a new bill that could change how credit card transactions are processed. The Credit Card Competition Act (CCCA), introduced by Senators Dick Durbin of Illinois and Roger Marshall of Kansas, is at the center of this debate.

According to Matt Bruning, Steve Yeakel, and JT Blau, who represent Virginia's banking and credit union trade associations, the CCCA would allow retailers to decide how payments are routed. They argue this change could lead to less secure payment networks being used, potentially compromising consumer financial data. "Instead of allowing customers and financial institutions to continue to choose the most secure protections on their credit cards," they state, "the CCCA will allow retailers to pick how the payments are routed."

The representatives also warn that this legislation could impact popular credit card rewards programs negatively. They highlight research indicating that people across all income levels benefit from such rewards, with cash back options helping cover daily expenses.

Bruning, Yeakel, and Blau emphasize that banks and credit unions in Virginia have invested heavily in security measures for consumer protection. They caution against megaretailers like Walmart, Amazon, and Home Depot supporting the bill for profit growth at the expense of consumer security.

They urge opposition to the bill: "It’s not too late to stop this bill... Contact Sens. Tim Kaine and Mark Warner and tell them to oppose the Credit Card Competition Act."

The authors advocate for investment in technology and national data security standards as a means to strengthen payment systems without compromising consumer choice or security.