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Title | Recipient | Date |
---|---|---|
Comments on Basel Cryptoasset Standard Amendments | Basel Committee on Banking Supervision | 03/28/24 |
Freedom of Information Act Request on CBDC Authority | Federal Reserve, Justice Department, Treasury Department | 03/22/24 |
Joint Trade Statement on ISO 20022 Standards | BIS Committee on Payments and Market Infrastructures | 02/28/24 |
Disclosure of Cryptoasset Exposures | Letter to Regulators | 01/30/24 |
ICBA Comment Letter for FinCEN Cryptocurrency Mixer Proposal | FinCEN | 01/23/24 |
Joint Extension Request on Fed Debit Card Interchange Price Cap | Federal Reserve | 11/27/23 |
Comments on Proposed Tax Treatment of Digital Assets | IRS | 11/13/23 |
Joint Trades Letter on Reg II Board Meeting | Federal Reserve | 10/20/23 |
Response to IOSCO DeFi Policy Recommendations | IOSCO | 10/18/23 |
Joint Letter on Mortgage Rates | White House, Treasury Department | 10/12/23 |
Title | Committee | Presenter | Date |
---|---|---|---|
Statement for House Hearing on Central Bank Digital Currency Risks | House Subcommittee on Digital Assets, Financial Technology and Inclusion | Written Statement | 09/13/23 |
Effective Regulation of Crypto Assets | Senate Banking Committee | Written Statement | 02/13/23 |
Statement for Senate Crypto Hearing | Senate Banking Committee | Written Statement | 07/28/22 |
Hearing Statement on Central Bank Digital Currency | House Financial Services Committee | Written statement | 05/25/22 |
Enhanced Regulation of Digital Assets Will Promote Responsible Innovation | Senate Banking Hearing | 02/15/22 | |
Statement for House Hearing on Stablecoins | House Financial Services Committee | Written statement | 02/08/22 |
Statement for Senate Stablecoin Hearing | Senate Banking Committee | Written Statement | 12/14/21 |
Statement for House Hearing on Digital Assets | House Financial Services Committee | Written statement | 12/07/21 |
ICBA Statement for HFSC Fintech Hearing 9-29-2020 | HSFC | 09/29/20 |
Aug. 11, 2021
Washington, D.C. (Aug. 11, 2021) — The Independent Community Bankers of America (ICBA) today said the Federal Reserve Board should not update debit card interchange regulations without first fully analyzing the effects of the proposed changes on consumers and financial institutions.
In a comment letter, ICBA said that while most community banks already comply with the proposed clarifications, the agency should not alter the regulatory environment for banks amid the ongoing COVID-19 pandemic.
“While the Durbin Amendment is poor public policy that has been empirically proven to harm consumers and the viability of local financial institutions in favor of ‘big box’ and large e-commerce retailers, community banks continue to comply with its provisions,” ICBA President and CEO Rebeca Romero Rainey said today. “ICBA calls on the Fed to study the potential impact of updating its interchange regulations before proceeding with a new rule to ensure it is in the best interest of consumers.”
The Fed board’s proposal clarifies existing rules requiring debit card issuers to ensure that at least two unaffiliated payment card networks have been enabled for debit card transactions, including for card-not-present transactions.
The existing rules implement the Dodd-Frank Act’s Durbin Amendment, which was designed to reduce interchange fees but has instead transferred billions of dollars from small financial institutions to large merchants, which have not passed their savings on to consumers and small businesses.
In today’s comment letter, ICBA said:
About ICBA
The Independent Community Bankers of America creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services.
With nearly 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ more than 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5 trillion in assets, over $4.4 trillion in deposits, and more than $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.
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