ICBA and other groups warned Congress that any legislative initiatives to expand the power of the federal government to intervene in the U.S. credit card market would harm consumers, small businesses, and financial institutions.
Details: In a letter to members of the House and Senate, ICBA and the other financial trade groups said the Durbin-Marshall bill—introduced in previous Congresses by Sens. Richard Durbin (D-Ill.) and Roger Marshall (R-Kan.) and Reps. Lance Gooden (R-Texas) and Zoe Lofgren (D-Calif.) as the Credit Card Competition Act—would reduce choice, increase costs and fraud risks, create economic challenges for smaller financial institutions, and jeopardize the nation’s payment card system.
Ongoing Advocacy: ICBA has strongly opposed the Durbin-Marshall efforts, including via joint letters with state community banking associations and industry groups, its partnership with the Electronic Payments Coalition, and ICBA polling conducted by Morning Consult that found more than 7 in 10 adults say changing the technology that is used to conduct credit transactions at the register is risky.