Senate Judiciary Committee Chairman Dick Durbin (D-Ill.) scheduled a hearing for Tuesday, Nov. 19, on his ICBA-opposed bill to create credit card routing mandates.
ICBA View: ICBA strongly opposes the Credit Card Competition Act (S. 1838/H.R. 3881), which would allow large merchants to route credit card transactions on the network that is least costly to them without regard to safeguarding consumer information.
ICBA Advocacy: ICBA this year:
Penned a joint op-ed that said the legislation would allow large retailers to undermine consumers’ financial security.
Released polling that shows Americans oppose the legislation, saying it is risky and would make transactions less secure.
Grassroots Alert: Community bankers can continue using ICBA’s Be Heard grassroots action center to urge their senators to oppose the legislation.