When autocomplete results are available use up and down arrows to review and enter to select.
ICBA-opposed legislation to impose credit card routing restrictions would disproportionately benefit the nation’s top five businesses and put small retailers at a further competitive disadvantage, according to a new study.
Details: The study from University of Miami finance professor Indraneel Chakraborty said the Credit Card Competition Act (S. 1838/H.R. 3881) would:
Result in a transfer of approximately $2.9 billion from issuers and cardholders to retailers, almost all of which would accrue to retailers with $500 million or more in annual sales.
Cost small businesses more than $1 billion in lost rewards as well as a decline in access to credit, further diminishing their ability to compete with larger businesses.
Background: Led by Sens. Richard Durbin (D-Ill.) and Roger Marshall (R-Kan.), the legislation would allow merchants to process credit card transactions based solely on which network offers them the lowest cost.
Grassroots Campaign: ICBA continues calling on community bankers to urge their members of Congress to oppose the bill.
Previous News
ICBA is urging community bankers to send letters to the FDIC by tomorrow’s deadline opposing proposed guidelines to establish new corporate governance and risk management standards.
ImageFeb 8, 2024
ICBA urged the Federal Trade Commission to explicitly exclude community banks from a proposed rule requiring commercial businesses to include all mandatory fees when advertising their prices.
ImageFeb 8, 2024
New Treasury Department reports spotlight the role of digital assets in terrorism and proliferation financing.
ImageFeb 8, 2024
Related News Taxonomy