League working to improve MCC legislation
Published by: Jared Weiser
October 18, 2023 | Government Affairs, Regulatory
Consistent, non-competing, and non-duplicative regulations are critical to ensuring affordable access to credit through people-driven financial services. That’s why the League is currently monitoring Ohio Senate Bill 148, known as the Second Amendment Financial Privacy Act. This legislation would prohibit financial institutions from distinguishing between transactions involving a firearms retailer and a general merchandise retailer by using a firearms Merchant Category Code (MCC).
The bill would establish penalties through the Ohio Attorney General’s office if this information were used to decline a transaction. The League is working with other interested parties to ensure that there are no unintended consequences with the legislation, as credit unions, and other financial institutions, do not set MCCs. The League will continue working to improve the legislation and avoid any negative unintended consequences.
