Financial Trades Express Strong Opposition to Misguided Durbin-Marshall Credit Card Mandate Being Attached to GENIUS Act

ICLE is mentioned in this American Bankers Association article about misguided Durbin-Marshall Credit Card mandate and how it is being attached to GENIUS Act. Read the full story here.

In the letter, the groups noted that interchange fees help to fund various cardholder benefits, including rewards programs, and investments in critical security tools. Reducing these fees through mandated routing would diminish or eliminate such programs, which American consumers value and similarly oppose the federal government reaching into their wallets. The groups noted that a reduction in rewards and cash back opportunities would significantly harm minority and lower-income consumers, pointing to a study from the International Center for Law and Economics that found that 77% of cardholders with a household income of less than $50,000 have an active rewards card.