Romero Rainey: ICBA opposing bill to expand Durbin Amendment

Aug. 30, 2022

ICBA continues speaking out against policymakers’ efforts to expand on harmful Durbin Amendment interventions on payment card systems, ICBA President and CEO Rebeca Romero Rainey wrote in a recent blog post.

Legislation: The Main Street Matters post covers legislation from Sens. Roger Marshall (R-Kan.) and Dick Durbin (D-Ill.) that would require banks with over $100 billion in assets to offer merchants at least two networks to process credit cards, at least one of which cannot be owned by Visa or Mastercard.

Background: The Credit Card Competition Act of 2022 (S. 4674) would essentially extend to credit cards a provision of the Durbin Amendment that transferred debit card routing decisions from banks and consumers to merchants.

Impact: “ICBA and other groups have pushed back against the controversial Marshall-Durbin bill, noting that it would undermine the safeguards that protect credit card payments—with consumers ultimately paying the price,” Romero Rainey wrote. Read more.