ICBA is calling on community bankers to urge their members of Congress to oppose legislation to impose routing mandates on credit card transactions.
Grassroots Alert: Community bankers can use ICBA’s Be Heard grassroots action center to urge opposition to the Credit Card Competition Act (S. 1838/H.R. 3881), introduced by Sens. Dick Durbin (D-Ill.) and Roger Marshall (R-Kan.) and Reps. Lance Gooden (R-Texas) and Zoe Lofgren (D-Calif.).
Bill Details: The ICBA-opposed legislation would require banks with more than $100 billion in assets to offer merchants at least two networks to process credit cards, at least one of which cannot be owned by Visa or Mastercard. In a recent national news release, ICBA said applying routing mandates to credit card transactions would expand the Durbin Amendment’s government-orchestrated transfer of income from consumers to large retailers.
