Holland Reporter

Larry Jackson, chairman of the Ottawa County Democratic Party, expressed concerns regarding the Credit Card Competition Act in an op-ed. He said that the act would harm families by eliminating rewards programs they rely on to manage budgets.

"It would strip away credit card rewards programs that many families rely on to stretch their budgets," said Jackson.

According to the Independent Community Bankers of America (ICBA), the proposed Durbin-Marshall bill could negatively impact consumers by reducing their choices and eliminating credit card rewards programs. The ICBA argues that this legislation might compel credit card issuers to cut back on these popular programs, which many families depend on for financial management. Furthermore, the bill may increase costs for small community banks, affecting local economies.

The Consumer Financial Protection Bureau (CFPB) reports that credit card rewards programs offer significant benefits to consumers, such as cashback, travel points, and other incentives that assist in managing expenses. However, the CFPB also notes that proposed regulatory changes could diminish the availability and value of these programs. The agency warns that such changes may disproportionately affect consumers who rely on rewards for financial flexibility.

According to the Ottawa County 2024 Budget Report, numerous families in the county use credit card rewards to offset living expenses, particularly in areas like groceries and transportation. The proposed elimination of these programs could reduce household purchasing power, placing additional financial pressure on middle- and low-income families. This change may also adversely affect local businesses benefiting from consumer spending driven by rewards.

Jackson has been actively involved in community and political efforts within Ottawa County, advocating for financial literacy and support for working families. He previously ran for state representative with a focus on economic justice and community support.