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ICBA continues urging community bankers to speak out against a bill to expand on the Durbin Amendment as lawmakers seek to advance the measure during the lame-duck session.
Latest Developments: Sens. Richard Durbin (D-Ill.) and Roger Marshall (R-Kan.) are working to attach their Credit Card Competition Act of 2022 (H.R. 8874/S. 4674) to must-pass defense and appropriations legislation—the key remaining legislative vehicles of 2022.
Bill Details: The Credit Card Competition Act 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 has repeatedly told lawmakers the bill would impose new costs on consumers and community banks, pose security risks, and end credit card rewards programs solely to bolster big-box retailers’ profits.
Grassroots Campaign: Community bankers can use ICBA’s Be Heard grassroots action center to rally opposition in Congress. Additionally, the Electronic Payments Coalition—of which ICBA is a member—offers a “Hands Off My Rewards” campaign with resources encouraging consumers to weigh in against the legislation.
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Sen. Elizabeth Warren (D-Mass.) this week sent letters to Wells Fargo and Early Warning Services—the parent company of the Zelle peer-to-peer payment platform—criticizing their response to her recent report on P2P fraud.
ImageNov 10, 2022
Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey today issued the following statement on the 2022 elections.
ImageNov 9, 2022
ICBA continues urging community bankers to speak out against a bill to expand on the Durbin Amendment as lawmakers seek to advance the measure during the lame-duck session.
ImageNov 9, 2022
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