ABA launches ad campaign opposing Durbin expansion bills
ABA launched a major TV, radio and digital advertisement campaign calling out the negative implications that the Credit Card Competition Act could have for consumers
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Federal Reserve research finds credit card net interchange revenues are negative
The Federal Reserve recently published new research that examines the main sources of credit card profitability based on FR-Y-14M data from January 2014 to December 2021.
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
Fed finalizes rule expanding Durbin routing requirements to card-not-present transactions
The Federal Reserve today finalized a controversial, ABA-opposed rule expanding Regulation II, the implementing regulation for the Durbin Amendment.
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.
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.
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.
Financial industry groups unite to oppose flawed interchange regulations
Ahead of a hearing in the Senate Judiciary Committee on credit and debit card interchange fees, ABA joined with a broad coalition of industry groups to communicate to lawmakers the serious flaws of interchange regulations and push back against efforts to expand the Durbin amendment.
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.
Financial Groups Call for Repeal of Durbin Amendment in Letter to Fed
In a letter to the Federal Reserve yesterday, a group of six financial trade associations—including the American Bankers Association and the Independent Community Bankers of America—described the ongoing harm that the Durbin Amendment has caused to consumers and community banks and called for its repeal and expressed concerns about the risks from current and potential future proposals to change Regulation II (Durbin’s implementing regulation).