Joint Letter Opposing the Credit Card Competition Act

ICBA and other groups sent a letter to the chairman and ranking member of the Senate Judiciary Committee expressing strong opposition to the Credit Card Competition Act (S. 1838 or the Durbin-Marshall bill), saying any legislative initiative for the federal government to intervene in the credit card market would harm community banks, small businesses, and consumers across the country. The groups also shared deep disappointment with the committee’s decision to schedule a lame duck hearing promoting the misguided legislation without hearing testimony from a community bank or credit union.