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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.