WASHINGTON—A new analysis from the independent Congressional Research Service has found few benefits from the interchange legislation being backed by Sens. Roger Marshall (R-KS) and Dick Durbin (D-IL).
The legislation is strong opposed by credit unions and other financial institutions.
According to the analysis of the Credit Card Competition Act:
- Would not benefit small businesses
- Would provide questionable benefits for consumers
- Would increase levels of fraud
- Lead to security impacts
- Could lead to corporate mega-stores mixing commerce and banking.
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