ICBA voices opposition to Durbin Amendment expansion

Sep. 02, 2022

ICBA this week expressed strong opposition to legislation that would create new credit card routing mandates that expand on Durbin Amendment payments interventions.

Background: Introduced by Sens. Roger Marshall (R-Kan.) and Dick Durbin (D-Ill.), the Credit Card Competition Act of 2022 (S. 4674) 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.

ICBA Letter: In a letter to the Senate, ICBA said the bill would require an overhaul of the payments landscape at a significant cost to consumers, force community banks to subsidize system-wide costs, and put customer data at risk, among other unintended consequences.

ICBA Blog Post: In a recent Main Street Matters post, ICBA President and CEO Rebeca Romero Rainey said the legislation would essentially extend Durbin Amendment routing provisions to credit cards—with consumers ultimately paying the price.