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.