ABA: ABA and 52 State Bankers Associations Strongly Oppose Attaching Credit Card Rate Caps to GENIUS Act
In a new letter to the Senate today, the American Bankers Association and 52 state bankers associations representing banks of every size expressed strong opposition to any effort to attach the 10 Percent Credit Card Interest Rate Cap Act as a poison-pill amendment to the unrelated GENIUS Act or any other legislative vehicle. The associations outlined why…
ABA: ABA and 52 State Bankers Associations to Senate: Durbin-Marshall Credit Card Mandate Should Not be Attached to GENIUS Act
In a new letter to the Senate today, the American Bankers Association and 52 state bankers associations representing banks of every size expressed strong opposition to the Durbin-Marshall credit card mandate being attached as an amendment to the GENIUS Act or any other legislative vehicle. The letter builds upon the chorus of strong and united industry opposition…
ABA: Financial Trades Express Strong Opposition to Misguided Durbin-Marshall Credit Card Mandate Being Attached to GENIUS Act
In a new letter sent to Majority Leader Thune, Minority Leader Schumer and the entire Senate today, the American Bankers Association, America’s Credit Unions, Association of Military Banks of America, Bank Policy Institute, Consumer Bankers Association, Defense Credit Union Council, Independent Community Bankers of America, Electronic Payments Coalition, Mid-Size Bank Coalition of America, and National Bankers Association…
OCC: Conditional Approval Announced for Capital One, National Association to Acquire Discover Bank
The Office of the Comptroller of the Currency (OCC) announced today that it has conditionally approved the merger of Discover Bank, Greenwood, Delaware, into Capital One, National Association, McLean, Virginia. The OCC conducted a fulsome review of the application submitted March 21, 2024, to ensure all statutory and regulatory requirements have been met. The approval…
ABA: Trade Groups Welcome Court Decision Vacating CFPB’s Credit Card Late Fee Rule
The American Bankers Association, the U.S. Chamber of Commerce, Fort Worth Chamber of Commerce, Longview Chamber of Commerce, Consumer Bankers Association and Texas Association of Business issued the following statement after today’s ruling from the U.S. District Court for the Northern District of Texas approving our joint motion with the CFPB for consent judgment vacating…
ABA: New Consumer Polling Data Finds Americans Oppose Policy Changes that Threaten Credit Card Reward Programs
A new survey conducted by Morning Consult on behalf of the American Bankers Association found that a strong majority of U.S. consumers are happy with their credit cards and do not want the government to interfere with their card’s rewards programs. The survey, unveiled on the second day of ABA’s 2025 Washington Summit, also gauged consumers’…
ABA: Financial Trades Issue Joint Letter to Congress Stating that the Misguided Durbin-Marshall Bill will Harm Consumers, Small Businesses and Financial Institutions
In a new letter filed today, the American Bankers Association, America’s Credit Unions, Association of Military Banks of America, Bank Policy Institute, Consumer Bankers Association, Defense Credit Union Council, Independent Community Bankers of America, Electronic Payments Coalition, Mid-Size Bank Coalition of America and National Bankers Association warned that any legislative initiatives to expand the power of the…
ABA: Banks, Credit Unions, Payments and Fintech Industries Highlight Harm APR Cap Legislation Would Have on Consumers in Letter
Leading financial groups that represent banks and credit unions of all sizes, along with the payments and fintech industries, today sent a letter to Representatives Alexandria Ocasio-Cortez (D-N.Y.) and Anna Paulina Luna (R-Fla.) to oppose their proposed legislation that would create an annual percentage rate (APR) cap for credit cards at 10 percent. This misguided legislation, which…
ABA: Banks and Credit Unions Issue Joint Letter Highlighting Harm Credit Card APR Cap Legislation Would Have on Consumers
Seven leading financial groups that represent banks and credit unions of all sizes today sent a letter to Senators Bernie Sanders (D-Vt.) and Josh Hawley (R-Mo.) to oppose their proposed legislation that would create an annual percentage rate (APR) cap for credit cards at 10 percent. This measure would severely restrict the availability of this type of credit for…
Senators Bernie Sanders and Josh Hawley Introduce Bipartisan Bill Capping Credit Card Interest Rates at 10%
As millions of working class families struggle to afford the high prices of groceries, gas, rent and other basic necessities, Sen. Bernie Sanders (I-Vt.) and Josh Hawley (R-Mo.) introduced bipartisan legislation to cap credit card interest rates at ten percent. “During the campaign, President Trump pledged to cap credit card interest rates at ten percent,” Sanders…