Exclusive — America's Credit Unions President Scott Simpson Warns of Less Secure Payment Systems if Credit Card Competition Act Passes

Scott Simpson, president and CEO of America's Credit Unions, stated that passage of the Credit Card Competition Act, sponsored by Senators Dick Durbin (D-IL) and Roger Marshall (R-KS), could result in the adoption of payment systems with weaker security. The trade association did not specify which payment systems Simpson was referring to or provide evidence supporting the security risk claim. The bill aims to increase competition in credit card payment networks.

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