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ICBA-opposed legislation to create new credit card routing mandates that expand on Durbin Amendment payments interventions would dramatically affect credit card rewards programs, according to a new report from The Points Guy.
Consumer Impact: The report says the Durbin Amendment wiped out debit card rewards while transferring wealth from low-income households to large retailers that was not passed on to consumers. It also says the ICBA-opposed Credit Card Competition Act of 2022 (S. 4674) would similarly end credit card rewards programs by preventing card companies from funding them.
Consumer Campaign: Separately, the Electronic Payments Coalition—of which ICBA is a member—launched a “Hand Off My Rewards” campaign encouraging consumers to weigh in against the legislation.
Background: Introduced by Sens. Roger Marshall (R-Kan.) and Dick Durbin (D-Ill.), the ICBA-opposed S. 4674 would require banks with over $100 billion in assets to offer merchants at least two networks to process credit cards, at least one of which cannot be owned by Visa or Mastercard.
ICBA Grassroots: ICBA continues encouraging community bankers to use ICBA’s Be Heard grassroots action center to oppose the legislation.
More: In a recent letter to the Senate and Main Street Matters post, ICBA said the bill would require an overhaul of the payments landscape at a significant cost to consumers. Contact Congress here.
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ICBA and The Venture Center recognized this year’s Finovate Fall 2022 Best of Show winners, LemonadeLXP and Quilo, both of which were 2022 ICBA ThinkTECH Accelerator participants.
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The Independent Community Bankers of America (ICBA) and The Venture Center celebrate this year’s Finovate Fall 2022 Best of Show winners, LemonadeLXP and Quilo, both of which were members of the 2022 ICBA ThinkTECH Accelerator cohort.
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