ICBA polling shows Americans oppose credit card routing mandates

With Congress back in Washington following a two-week district work period, ICBA released polling that shows Americans oppose legislation to create credit card routing mandates.

Background: The Credit Card Competition Act (S. 1838/H.R. 3881), introduced by Sens. Richard Durbin (D-Ill.) and Roger Marshall (R-Kan.), would allow large merchants to route credit card transactions on the network that is least costly to them without regard to safeguarding consumer information.

New Polling: According to ICBA polling of U.S. adults conducted by Morning Consult:

• 66% say big-box stores would likely choose cheaper, less secure networks to process credit card transactions.

• 71% say changing the technology that is used to conduct credit transactions at the register is risky.

• 69% say merchants would likely keep their cost savings for themselves.

• Most adults say consumers are likely to bear the costs of the technology changes and that these changes would negatively affect inflation and the economy.

Small-Business Impact: In a national news release on the polling, ICBA also cited a University of Miami study that found the Durbin-Marshall bill would disproportionately benefit the nation’s top five businesses while putting small retailers at a further competitive disadvantage.

Grassroots Alert: Community bankers can use ICBA’s Be Heard grassroots action center to urge their senators to oppose the legislation.

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