The payments landscape for community banks is changing rapidly as traditional payments converge with new instant payment systems and emerging cryptocurrencies. It is critical for Community Banks to maintain awareness of developments in the payments space to assess new opportunities, mitigate risks, and ensure that their payment strategy aligns with overall business plans.
Sep. 15, 2023
WASHINGTON, DC — Today, 11 trade associations representing virtually all banks and credit unions, including those primarily serving military-affiliated customers and members, released the following joint statement opposing the effort by Senator Dick Durbin (D-IL) and Roger Marshall (R-KS) to attach their proposed credit card routing legislation (S. 1838) to the Military Construction, Veterans Affairs, and Related Agencies Appropriations Act (H.R. 4366):
“The financial services industry stands united in opposition to the effort by Senators Durbin and Marshall to delay funding for veterans and our military in order to gift a massive government handout to Walmart, Target, and other big-box retailers. The Durbin-Marshall credit card routing legislation has no relevance to military or veteran spending whatsoever. We call on both Senators to promptly abandon their effort to use the Military Construction, Veterans Affairs, and Related Agencies Appropriations Act to secure government favors for big-box retailers at the expense of consumers, small businesses, and small financial institutions.”
Additional
These same 11 trade associations sent a joint letter today to Congressional leaders expressing strong opposition to the so-called “Credit Card Competition Act of 2023,” and the effort to include that bill’s language as an amendment (1161) to H.R. 4366, Military Construction, Veterans Affairs, and Related Agencies Appropriations Act of 2024.
