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New research from the University of Miami says legislation that would allow large merchants to route credit card transactions on the network that is least costly to them would have a disproportionate impact on small financial institutions.
Details: The research found that the Credit Card Competition Act—introduced in previous Congresses by Sens. Richard Durbin (D-Ill.) and Roger Marshall (R-Kan.)—would constrain the ability of community banks to extend credit, disproportionately affecting low-income households. Ultimately this would tilt market power in favor of larger banks.
ICBA Advocacy: ICBA has strongly opposed the Durbin-Marshall efforts, which was on the list of top lobbying issues for community bankers attending the ICBA Capital Summit this week. ICBA and other groups in March warned Congress that any legislative initiatives to expand the power of the federal government to intervene in the U.S. credit card market would harm consumers, small businesses, and financial institutions.