Payments

Letters and Testimonies

Letters to Congress

Letters to Regulators

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Title
Recipient
Date
12/16/24
Consumer Financial Protection Bureau08/01/24
06/11/24
Federal Reserve05/11/24
Basel Committee on Banking Supervision03/28/24
Federal Reserve, Justice Department, Treasury Department03/22/24
BIS Committee on Payments and Market Infrastructures02/28/24
Letter to Regulators01/30/24
FinCEN01/23/24
Federal Reserve11/27/23
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Testimony

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Title
Committee
Presenter
Date
House Financial Services CommitteeWritten Statement04/01/25
Senate Banking CommitteeWritten Statement03/12/25
House Subcommittee on Digital Assets, Financial Technology and InclusionWritten Statement09/13/23
Senate Banking CommitteeWritten Statement02/13/23
Senate Banking CommitteeWritten Statement07/28/22
House Financial Services CommitteeWritten statement05/25/22
Senate Banking Hearing02/15/22
House Financial Services CommitteeWritten statement02/08/22
Senate Banking CommitteeWritten Statement12/14/21
House Financial Services CommitteeWritten statement12/07/21
HSFC09/29/20

Payments News

Key stakeholders join opposition to credit card routing bill

Sep. 25, 2023

A key member of the House along with major airlines and transportation unions last week announced their opposition to legislation that would impose credit card routing restrictions, which ICBA continues urging community bankers to speak out against.

House Chairman Opposition: House Financial Services Committee Chairman Patrick McHenry (R-N.C.) reportedly said he opposes the Credit Card Competition Act (S. 1838/H.R. 3881). According to Bloomberg, McHenry said his committee will not hold hearings on the bill.

Airline Industry Opposition: Meanwhile, Airlines for America—which represents major U.S. carriers—released an analysis that said the legislation threatens airline credit card programs that serve nearly one in four U.S. households. The Association of Flight Attendants-CWA, Communications Workers of America, International Association of Machinists and Aerospace Workers, and Association of Professional Flight Attendants separately said the bill would hurt airline workers and jeopardize rewards programs solely to benefit big-box retailers.

State of Play: Sen. Roger Marshall (R-Kan.) has renewed his efforts to hold up consideration of military and veterans legislation if Senate leaders don’t commit to holding a vote on the Credit Card Competition Act, which he is leading with Sen. Richard Durbin (D-Ill.). The bill would allow merchants to process credit card transactions based solely on which network offers the lowest cost for them.

Grassroots Alert: While ICBA continues working against the measure on Capitol Hill, community bankers can use ICBA’s Be Heard grassroots action center to urge their senators to oppose the legislation and any attempt to tie it to unrelated, must-pass government funding bills.