Durbin Amendment expansion out of congressional omnibus

Congress left out of its end-of-year omnibus spending bill numerous ICBA-opposed legislative initiatives, including language to extend the Durbin Amendment to credit cards.

Durbin Amendment: Following tireless ICBA and grassroots advocacy, lawmakers excluded from the spending deal an ICBA-opposed effort to impose new routing restrictions on credit cards. ICBA last week released polling conducted by Morning Consult that showed consumers oppose the Durbin Amendment expansion because it would end popular credit card rewards programs.

Other Key Issues: ICBA and community bank advocacy also helped ensure the omnibus:

  • Leaves out a host of other ICBA-opposed proposals, including establishing a postal banking pilot program, new overdraft restrictions, and expanded credit union authority.

  • Includes an ICBA-supported extension of the National Flood Insurance Program.

  • Provides $324 million for the Community Development Financial Institutions Fund—an increase of $29 million over the previous year—and directs the fund to address concerns raised by CDFIs and stakeholders regarding changes to the certification application.

  • Includes funding for the Office of Terrorism and Financial Intelligence for improved blockchain analysis tools, training on crypto-related investigations, and investigative support to reduce crimes related to ransomware or crypto.

Outlook: The omnibus language generally sets the terms for the remainder of the current congressional session, which could conclude by the end of this week. With the 118th Congress set to convene next month, ICBA will continue advocating on unfinished legislative priorities, including passing a cannabis banking safe harbor and closing the industrial loan company loophole.

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