Jason Stverak, Vice President of Communications for the American Bankers Association, said that attaching the Credit Card Competition Act to the National Defense Authorization Act (NDAA) would pose a threat to military families and credit unions. This statement was made on X.
"We recognized early on that the National Defense Authorization Act could be used as a vehicle for harmful legislation like the Durbin-Marshall Credit Card Competition Act," said Stverak. "Serving military credit unions isn't an afterthought for us—it's our mission, every day, on Capitol Hill. The Credit Card Competition Act is not about competition. It's about lining the pockets of big box retailers at the expense of secure payment systems, consumer protections, and financial access for #military communities."
Lawmakers have attempted to incorporate the Credit Card Competition Act into the 2024 NDAA, arguing it would lower credit card fees for military families. However, industry groups such as the American Bankers Association have warned that this could disrupt banking services for service members and questioned the relevance of financial legislation in a defense bill, according to ABA Banking Journal.
According to RealClearMarkets, the Defense Credit Union Council estimated that including the Credit Card Competition Act in the NDAA could result in community banks and credit unions losing billions in interchange revenue. This loss could reduce funds available for rewards, fraud prevention, and military benefits, potentially negatively impacting military families who rely on these services.
As reported by the Independent Community Bankers of America, previous attempts to attach credit card routing mandates like the Credit Card Competition Act to the NDAA have consistently failed. Lawmakers have declared such amendments nongermane to defense objectives and rejected them in every instance, resulting in a 0% passage rate for these efforts.
Stverak is currently Senior Vice President of Communications at the Independent Community Bankers of America (ICBA), where he leads advocacy and public relations efforts on behalf of community banks. He has a professional background in policy communications and nonprofit leadership, according to his official ICBA profile.