Payments

Letters and Testimonies

Letters to Regulators

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Title
Recipient
Date
06/30/25
05/30/25
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
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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

Senate passes stablecoin bill without ICBA-opposed credit card amendments

June 18, 2025

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.