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A key member of the House along with major airlines and transportation unions last week announced their opposition to legislation that would impose credit card routing restrictions, which ICBA continues urging community bankers to speak out against.
House Chairman Opposition: House Financial Services Committee Chairman Patrick McHenry (R-N.C.) reportedly said he opposes the Credit Card Competition Act (S. 1838/H.R. 3881). According to Bloomberg, McHenry said his committee will not hold hearings on the bill.
Airline Industry Opposition: Meanwhile, Airlines for America—which represents major U.S. carriers—released an analysis that said the legislation threatens airline credit card programs that serve nearly one in four U.S. households. The Association of Flight Attendants-CWA, Communications Workers of America, International Association of Machinists and Aerospace Workers, and Association of Professional Flight Attendants separately said the bill would hurt airline workers and jeopardize rewards programs solely to benefit big-box retailers.
State of Play: Sen. Roger Marshall (R-Kan.) has renewed his efforts to hold up consideration of military and veterans legislation if Senate leaders don’t commit to holding a vote on the Credit Card Competition Act, which he is leading with Sen. Richard Durbin (D-Ill.). The bill would allow merchants to process credit card transactions based solely on which network offers the lowest cost for them.
Grassroots Alert: While ICBA continues working against the measure on Capitol Hill, community bankers can use ICBA’s Be Heard grassroots action center to urge their senators to oppose the legislation and any attempt to tie it to unrelated, must-pass government funding bills.
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The Small Business Administration’s Office of Advocacy this week is hosting roundtable discussions on the Labor Department’s proposal to increase the number of employees who are entitled to overtime compensation. Banks with less than $850 million in assets—which are defined as small businesses by the SBA—are invited to join.
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Federal Reserve Governor Michelle Bowman encouraged community bankers to provide feedback on agency rulemakings.
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ICBA continues calling on community bankers to urge their senators to oppose legislation that would impose credit card routing restrictions amid renewed efforts to attach it to government funding measures.
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