ICBA urging grassroots outreach on credit card routing bill

ICBA is calling on community bankers to urge their members of Congress to oppose legislation to impose routing mandates on credit card transactions.

Grassroots Alert: Community bankers can use ICBA’s Be Heard grassroots action center to urge opposition to the Credit Card Competition Act (S. 1838/H.R. 3881), introduced by Sens. Dick Durbin (D-Ill.) and Roger Marshall (R-Kan.) and Reps. Lance Gooden (R-Texas) and Zoe Lofgren (D-Calif.).

Bill Details: The ICBA-opposed legislation would require banks with more than $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. In a recent national news release, ICBA said applying routing mandates to credit card transactions would expand the Durbin Amendment’s government-orchestrated transfer of income from consumers to large retailers.