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American Bankers Association |

State Banking Associations from All 50 States Send Letter to Congress Opposing the Credit Card Competition Act

The American Bankers Association (ABA) was joined by state banking associations from all 50 states and Puerto Rico in sending a letter to Congressional leadership, opposing the inclusion of the Durbin-Marshall bill (S. 4674) (H.R. 8874) in the lame duck session of Congress. The letter highlights the detrimental harm that the bill’s credit routing mandates would have on consumers, community banks, and credit unions. 
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Small Business and Entrepreneurship Council |

Small Business & Entrepreneurship Council Explainer: Why the Credit Card Competition Act is Bad for Small Businesses

The Small Business and Entrepreneurship Council (SBE Council) strongly opposes harmful credit card routing legislation introduced this year in the Senate (S. 4674) and the House (H.R. 8874). If enacted, credit card routing mandates would be burdensome for small businesses. The mandates would drive billions of dollars from the credit market and force financial institutions to reduce crucial lending to entrepreneurs and their businesses in need. Check out SBE Council’s explainer below that highlights how credit card routing mandates would strip small businesses of valuable services, like fraud prevention, that they rely on to protect their business and customers.
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