With Congress back in Washington following a two-week district work period, ICBA released polling that shows Americans oppose legislation to create credit card routing mandates.
Background: The Credit Card Competition Act (S. 1838/H.R. 3881), introduced by Sens. Richard Durbin (D-Ill.) and Roger Marshall (R-Kan.), would allow large merchants to route credit card transactions on the network that is least costly to them without regard to safeguarding consumer information.
New Polling: According to ICBA polling of U.S. adults conducted by Morning Consult:
66% say big-box stores would likely choose cheaper, less secure networks to process credit card transactions.
71% say changing the technology that is used to conduct credit transactions at the register is risky.
69% say merchants would likely keep their cost savings for themselves.
Most adults say consumers are likely to bear the costs of the technology changes and that these changes would negatively affect inflation and the economy.
Small-Business Impact: In a national news release on the polling, ICBA also cited a University of Miami study that found the Durbin-Marshall bill would disproportionately benefit the nation’s top five businesses while putting small retailers at a further competitive disadvantage.
Grassroots Alert: Community bankers can use ICBA’s Be Heard grassroots action center to urge their senators to oppose the legislation.
