Browsing: Interchange

Newsbytes ABA, trade groups call for extension on Reg II changes

ABA joined four other financial trade associations in a letter to the Federal Reserve last week seeking an extension for the effective date of a recent final rule amending Regulation II (the implementing regulation for the Durbin Amendment).

Newsbytes Mississippi Bankers CEO pans Durbin expansion bill

A new legislative proposal giving merchants broad say over which credit card routing networks could drive up the cost of financial services, eliminate popular credit card rewards programs and introduce new security risks, Mississippi Bankers Association President and CEO Gordon Fellows wrote in a new op-ed last week

Policy ABA opposes adding Durbin-Marshall to defense bill

Sens. Richard Durbin (D-Ill.) and Roger Marshall (R-Kan.) last week filed an amendment that would add the ABA-opposed S. 4674 to the upcoming National Defense Authorization Act, which is scheduled for consideration later this month.

Newsbytes ABA, financial trade groups oppose Durbin expansion bill in letter to Congress

ABA joined a broad coalition of state bankers associations and credit union associations in a strongly worded letter sent Friday to congressional leaders opposing S. 4674, the Credit Card Competition Act of 2022. The bill, which was introduced by Sens. Roger Marshall (R-Kan.) and Dick Durbin (Ill.), would create new credit card routing mandates that will affect banks that issue credit.

Community Banking Senate hearing rekindles debate over Durbin amendment

At a Senate Judiciary Committee hearing, banking, credit card industry representatives and some lawmakers pushed back against proposals to expand interchange regulation to credit cards, arguing that the existing interchange fee limits imposed by the Durbin amendment more than a decade ago are hurting consumers. 

Newsbytes ABA to policymakers: Don’t undermine private-sector payments innovation

In a statement for the record of a House Financial Services Committee task force hearing, ABA urged lawmakers to “remain vigilant and deliberate” in their policymaking to ensure that regulations support innovation in mobile banking and payments, rather than overregulating or replacing private sector innovators.

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