Independent Banker - October 2022 - 40

PORTFOLIO CHECKS & BALANCES
ICBA fighting Durbin
amendment credit
card expansion
The newly proposed Credit Card Competition Act could severely
restrict community banks' freedom regarding credit card payments,
with cost hikes unfairly passed along to the consumer and the
greater likelihood of security risks. By Aaron Stetter, ICBA
CBA and its allies are pushing
back against the Credit Card
Competition Act of 2022 (S. 4674),
also known as the Marshall-Durbin
bill, warning Congress that the bill
would undermine the safeguards that
protect credit card payments-with
consumers and community banks
ultimately paying the price.
Led by big box retailers that would
reap large profits, the MarshallDurbin
bill, introduced by Sens.
Roger Marshall (R-Kan.) and Dick
Durbin (D-Ill.), would overhaul
credit card lending by creating new
mandates forcing banks with more
than $100 billion in assets to enable
their credit cards to be used on at
least two unaffiliated networks-
similar to what the original Durbin
Amendment did for debit-and
shifting the choice of which network
to use from the credit card issuer and
consumer to the merchant. Only one
of the two networks could be owned
by Visa or Mastercard.
While community banks would
not fall directly under the mandate,
the Marshall-Durbin bill would have
a far-reaching impact on the entire
financial services industry, including
high implementation costs and
security issues that will ultimately
raise costs for consumers and limit
credit options.
An expensive idea
Requiring a second network option
would force a costly fundamental
and ultimately, unnecessary, change
to the system. Unlike debit card
transactions, credit card transactions
are run on " dual messaging "
infrastructure-a message is sent
to authorize a transaction and a
second message is sent to post
the transaction one or two days
later. The infrastructure to support
multiple dual-message credit
networks does not exist today.
I
38 Q ICBA Independent Banker Q October 2022
Photo by Pixel Stories/Stocksy

Independent Banker - October 2022

Table of Contents for the Digital Edition of Independent Banker - October 2022

Table of Contents
Independent Banker - October 2022 - Intro
Independent Banker - October 2022 - Cover1
Independent Banker - October 2022 - Cover2
Independent Banker - October 2022 - Table of Contents
Independent Banker - October 2022 - 2
Independent Banker - October 2022 - 3
Independent Banker - October 2022 - 4
Independent Banker - October 2022 - 5
Independent Banker - October 2022 - 6
Independent Banker - October 2022 - 7
Independent Banker - October 2022 - 8
Independent Banker - October 2022 - 9
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Independent Banker - October 2022 - 40
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Independent Banker - October 2022 - Cover3
Independent Banker - October 2022 - Cover4
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