ICBA Newsroom

ICBA and other groups reiterated calls for the Securities and Exchange Commission to rescind its cyber incident disclosure rule. In a petition to the SEC, the groups state that the rule puts companies that fall victim to cyberattacks at greater risk and undermines the SEC’s primary goal of protecting investors.

ICBA and other trade groups serving hundreds of millions of U.S. consumers expressed united opposition to an amendment to the GENIUS Act that would impose government price controls on credit card products.

Amendment 2239 to S. 1582 would impose a 10% all-in annual percentage rate cap for credit cards, which would severely restrict the availability of this type of credit for everyday consumers and effectively harm the very people the amendment seeks to protect.

ICBA and other groups expressed strong opposition to attaching the Credit Card Competition Act as an amendment to the GENIUS Act or any other legislative vehicle.

The groups noted that the Durbin-Marshall credit card mandate has not been properly considered through the regular legislative process and would harm consumers, small businesses, and financial institutions by reducing choice, increasing costs and fraud risks, and creating economic challenges for financial institutions.