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With Sens. Richard Durbin (D-Ill.) and Roger Marshall (R-Kan.) working to attach credit card routing restrictions to the National Defense Authorization Act, ICBA this week is promoting its new polling results showing voters oppose the policy change.
Bill Background: The Credit Card Competition Act (S. 1838/H.R. 3881)—introduced in the House by Reps. Zoe Lofgren (D-Calif.) and Lance Gooden (R-Texas)—would allow merchants to process credit card transactions based solely on which network offers the lowest cost for them while stripping consumers of their right to choose their preferred credit card network.
Polling Results: According to ICBA polling conducted by Morning Consult that the polling firm is running this week in its newsletter to Washington insiders:
Two-thirds of voters (66%) say requiring a change to credit card transaction technology is risky.
Most voters say changing the technology that credit card servicers currently use would negatively affect the economy (62%), inflation (60%), and consumer spending power (57%).
Voters prefer (62%) a community banking model that utilizes a long-term outlook that promotes safety and soundness over generations.
Grassroots Alert: With Durbin and Marshall working to advance their routing legislation as an amendment to the NDAA defense bill, ICBA continues calling on community banks to speak out against the policy change. Community bankers can use ICBA’s Be Heard grassroots action center to urge their members of Congress to oppose the bill.