ABA: ABA & 52 State Bankers Associations Urge Congress to Reject Durbin-Marshall Credit Card Mandate
The American Bankers Association and 52 state bankers associations today expressed strong opposition to the Durbin-Marshall Credit Card Mandate, also known as the Credit Card Competition Act (CCCA), warning in a new joint letter to Congress that the proposal would harm consumers, small businesses and banks of all sizes. In the letter, the associations write that the…
ABA: Banking and Credit Union Groups Urge Congress to Reject Durbin-Marshall Bill
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, Electronic Transactions Association, Mid-Size Bank Coalition of America and National Bankers Association, today sent a joint letter to members of Congress strongly opposing the so-called Credit…
ABA: New Research Finds that Proposed 10% Credit Card Rate Cap Would Result in Up to 159 Million Americans Losing Access to Credit
New data from credit card issuers accounting for roughly 75% of the market shows that a proposed 10% federal credit card interest rate cap would significantly reduce access to credit for millions of consumers nationwide, and even those with good credit scores who pay their bills on time will be affected by the rate cap. The…
ICBA: Community Banks, Credit Unions Urge Congress to Reject Durbin-Marshall Credit Card Mandates
The Independent Community Bankers of America (ICBA), America’s Credit Unions, and Defense Credit Union Council wrote to express strong opposition to Durbin-Marshall credit card mandates, warning the proposal would harm consumers, small businesses, and community financial institutions while delivering a windfall to the nation’s largest retailers. In the letter, the organizations cautioned that the bill…
ABA: Bank & Credit Union Trades Issue Joint Statement that Credit Card Mandate Would Harm Consumers and Small Businesses
The American Bankers Association, America’s Credit Unions, Association of Military Banks of America, Bank Policy Institute, Community Development Bankers Association, Consumer 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…
ABA: Banks Respond to Proposed Cap on Credit Card Interest Rates
The Administration announced plans today to issue an executive order imposing a temporary 10% cap on credit card interest rates. The American Bankers Association, Bank Policy Institute, Consumer Bankers Association, Financial Services Forum and Independent Community Bankers of America issued a joint statement: “We share the President’s goal of helping Americans access more affordable credit….
CFPB: 2025 College Credit Card Agreements Report Issued
The Credit Card Accountability, Responsibility, and Disclosure Act (“CARD Act” or “Act”) requires the Consumer Financial Protection Bureau (the “Bureau”) to submit to Congress, and to make available to the public, an annual report that lists information submitted to the Bureau concerning agreements between credit card issuers and institutions of higher education or certain organizations…
CFPB: Seventh Biennial Review of Consumer Credit Card Market Report Issued
This report represents the CFPB’s seventh biennial review of the consumer credit card market as directed by the Credit Card Accountability Responsibility and Disclosure Act of 2009. In this report, we analyze data from several sources to examine many aspects of the consumer credit card market as of the end of 2024. We revisit topics…
ABA: New Survey Finds Americans Highly Value Their Credits Cards, Oppose Policy Changes that Threaten 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 cards’ rewards programs. The survey, unveiled on the second day of ABA’s 2025 Annual Convention in Charlotte, N.C., also…
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…