The Senate passed legislation to establish a regulatory framework for payment stablecoins without ICBA-opposed amendments to impose new credit card restrictions.

Credit Card Routing Requirements: The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act (S. 1582) excludes an amendment from Sen. Roger Marshall (R-Kan.) to establish new credit card routing requirements that he and Sen. Richard Durbin (D-Ill.) have sought to advance in previous Congresses. ICBA and community bankers have repeatedly told Congress the policy would force a costly overhaul of the payments landscape, end credit card reward programs, and reduce consumer access to credit for the benefit of large merchants.

Credit Card Rate Cap: ICBA also successfully opposed an amendment from Sen. Josh Hawley (R-Mo.) to impose a 10% all-in annual percentage rate cap for credit cards. ICBA and other groups noted in a letter to senators that the policy would hurt consumers and restrict access to credit card services, particularly for the populations the policy is designed to help.

Grassroots Advocacy: ICBA thanks the many community bankers who joined ICBA’s grassroots campaign opposing the Durbin-Marshall amendment, including via customized messages on ICBA’s Be Heard Grassroots Action Center and in-person meetings with congressional offices during last month’s ICBA Capital Summit in Washington.

Outlook: While the GENIUS Act posed the biggest opportunity for supporters to advance these policies, ICBA will continue working to ensure they do not advance through any other legislative vehicle.