When autocomplete results are available use up and down arrows to review and enter to select.
The payments landscape for community banks is changing rapidly as traditional payments converge with new instant payment systems and emerging cryptocurrencies. It is critical for Community Banks to maintain awareness of developments in the payments space to assess new opportunities, mitigate risks, and ensure that their payment strategy aligns with overall business plans.
June 27, 2023
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.