LA Business Leader Pushes Back on Federal Consumer Finance Regulations

Richard Hunt warns at a Breitbart Policy event: this bill could strip rewards and raise costs for consumers.

When it comes to protecting Louisiana’s economic competitiveness from misguided federal mandates, the state has one of its own leading the charge. Richard Hunt — a native of Jennings, graduate of the University of Louisiana at Lafayette, former president and CEO of the Consumer Bankers Association, and a trusted voice in financial and commerce policy — is speaking out forcefully against the so-called Credit Card Competition Act (CCCA).

Hunt knows Washington from the inside. Before leading the CBA, he served as chief of staff to Congressman Jim McCrery, representing Louisiana’s 4th District. That combination of Louisiana roots and Capitol Hill expertise gives him a rare perspective on how legislation like the CCCA can be shaped by powerful special interests — often to the detriment of the businesses and consumers it claims to help.

Today, Hunt serves as Executive Chairman of the Electronic Payments Coalition (EPC), a consumer and business advocacy group that works to protect the safety, security, reliability, and value of the nation’s electronic payments system. EPC represents credit unions, community banks, payment card networks, and financial institutions — all with a shared goal of ensuring both consumers and merchants continue to benefit from the convenience, protection, and efficiency modern payments provide.

The CCCA, sponsored by Senators Dick Durbin (D-IL) and Roger Marshall (R-KS), would impose new federal routing mandates on how credit card transactions are processed. While marketed as a way to increase competition, Hunt warns that the bill would instead undermine consumer loyalty programs, reduce fraud protections, and create uncertainty for businesses that rely on fast, secure payment processing.

In a recent appearance at a Breitbart News Policy event — footage of which is included above — Hunt compared the proposal to past “Durbin Amendment” policies that promised savings for consumers but instead delivered higher costs, eliminated debit rewards programs, and shifted profits to large national retailers. “If you liked what happened to your debit card rewards — which is nothing, because they disappeared — you’re going to love this bill,” Hunt cautioned.

For Louisiana businesses, the stakes are high. Customer rewards programs drive repeat business, secure payments reduce liability, and efficient transaction networks keep commerce moving. The CCCA could jeopardize each of those benefits, while handing a windfall to big-box chains that already dominate market share.

With Louisiana’s senators holding influential positions in Congress, Hunt’s perspective offers a grounded, pro-commerce voice in the debate. His leadership reflects the kind of pragmatic, business-focused approach that has long benefited our state — and one that Senators John Kennedy and Bill Cassidy have historically championed in defending Louisiana’s economic interests.