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With lawmakers working to include ICBA-opposed credit card legislation in a must-pass defense bill, ICBA is urging community bankers to continue the grassroots campaign against the interchange measure.
Interchange Amendments: The proposed amendments from Sens. Richard Durbin (D-Ill.) and Roger Marshall (R-Kan.) to the pending National Defense Authorization Act would:
Include the Credit Card Competition Act of 2022 (S. 4674), which 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.
Direct the Defense and Treasury departments to conduct a study on interchange fees at military facilities—an effort designed to ensure interchange is germane to the defense bill.
Joint Message: In a joint letter to lawmakers this week, ICBA and other groups said the amendments are nongermane and would end credit card rewards for military families, reduce the availability of safe credit, and undermine data security.
Grassroots Action: With lawmakers seeking to advance the interchange bill through must-pass legislation, community bankers can use ICBA’s Be Heard grassroots action center and share its social media call to action on the bill to rally opposition in Congress.
Consumer Campaign: Separately, the Electronic Payments Coalition—of which ICBA is a member—offers a “Hands Off My Rewards” campaign with resources encouraging consumers to weigh in against the legislation. Contact Congress.