As the owner of a hospitality group with locations in North and South Carolina, I know from experience the benefits the existing credit card and electronic payments system offers. The current system helps us to streamline our operations, safely process transactions, and earn rewards to invest in our employees and back into the business. In addition, the current system also allows small businesses to earn rewards, which we have leveraged to stay afloat during the pandemic and used to invest in our employees.

As any small business owner knows, the customer experience is just as important as the quality of products or services we offer. For my wellness and beauty business, AN Skin & Beauty in O’Fallon, my customers expect and depend on being able to shop our products in my store and online with ease and peace-of-mind.

Melanated communities in Colorado and across the country have historically and perpetually faced systemic barriers to credit and banking access. Melanated communities are already chronically underbanked, including 27% of Black families and 18% of Hispanic families. And, too often for those who are “banked,” the understanding of how to use these accounts for their benefit while keeping money in interest-bearing accounts and investments is not the norm.

As a small business owner, I work every day to keep my business up and running — and thriving. I own DA SPOT, a unique retail space featuring more than 100 creative brands by people of color.

The Credit Card Competition Act, imposing routing mandates on credit cards, would shift billions in consumer spending to less secure processing firms that would weaken the nation’s payment system. It will likely lead to even more private consumer information being made available to foreign networks (e.g.; China and Russia).

With their convenience and flexibility, credit cards have become an essential part of modern financial transactions and are often a consumer’s first entry into the broader financial services world. Unfortunately, recent policy proposals are threatening to disrupt this ecosystem, and the cumulative impact of these changes could have serious consequences for bank customers.

Economic development has always been near and dear to my heart. Helping our economy grow strong is one of the reasons I ran for the West Virginia House of Delegates, and it is something that I take very seriously.

Sometimes expanding our economy means that I must support state bills and sometimes it means that I must oppose others that I think will hurt expansion and growth. And sometimes it means that I must either support or oppose federal legislation.

CUNA Deputy Chief Advocacy Officer Jason Stverak appeared on the Live Richer podcast recently to discuss the many negative effects that come with the Credit Card Competition Act. CUNA, Leagues, and credit unions prevented the from moving forward in the previous Congress, despite efforts to include it in must-pass end-of-year legislation.

The absolute last place you want to see someone practicing sleight of hand is when they have your credit card.

Alas that’s exactly what a bipartisan group wants to do with millions of Americans’ credit card benefits, hoping to distract us with some nice-sounding words about reform and affordability, all so they can service mega-retailers.