Banking and Credit Union Groups: Credit Card Mandate Would Harm Consumers and Small Businesses

WASHINGTON, D.C. - The Consumer Bankers Association, American Bankers Association, America's Credit Unions, Association of Military Banks of America, Bank Policy Institute, Community Development Bankers Association, Defense Credit Union Council, Electronic Payments Coalition, Independent Community Bankers of America and National Bankers Association issued a joint statement after President Trump expressed support for the Durbin-Marshall credit card mandate:

"One surefire way to make life less affordable for Americans would be to pass the misguided Durbin-Marshall credit card mandate, which would harm consumers, small businesses and the community financial institutions that drive local economies. Lawmakers have rightly rejected past attempts at legislation and amendments to mandate the reengineering of the nation's trusted, resilient and efficient credit card payments system just to boost the profits of the nation's largest retailers. This Congress should again reject this harmful proposal. Anyone supporting Durbin-Marshall is voting to make credit card transactions less secure and to take away the credit card reward programs that make life more affordable for millions of Americans."