ICBA continues interchange push as lawmakers pursue must-pass bills

ICBA continues urging community bankers to speak out against a bill to expand on the Durbin Amendment as lawmakers seek to advance the measure during the lame-duck session.

Latest Developments: As ICBA has repeatedly noted in NewsWatch Today, American Banker reported (paywall) on efforts by Sens. Richard Durbin (D-Ill.) and Roger Marshall (R-Kan.) to attach their Credit Card Competition Act of 2022 (H.R. 8874/S. 4674) to must-pass defense and appropriations legislation—the key remaining legislative vehicles of 2022.

Bill Details: The Credit Card Competition Act would require banks with over $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. ICBA has repeatedly told lawmakers the bill would impose new costs on consumers and community banks, pose security risks, and end credit card rewards programs solely to bolster big-box retailers’ profits.

Grassroots Campaign: Community bankers can use ICBA’s Be Heard grassroots action center to rally opposition in Congress. Additionally, the Electronic Payments Coalition—of which ICBA is a member—offers a “Hands Off My Rewards” campaign with resources encouraging consumers to weigh in against the legislation.