WASHINGTON–With Congress still considering the Credit Card Competition Act, which would apply routing restrictions to credit card transactions, the Independent Community Bankers of America (ICBA) has released new polling conducted by Morning Consult indicating consumers oppose the policy change.
The proposed bill is one of the few in Washington in which banks and credit unions are strongly aligned, with the nation’s retailers supporting the proposal.
The banking industry trade group said the legislation would “end popular credit card rewards programs.”
The Specific Findings
According to the ICBA polling:
- 89% of adults who receive credit card rewards say they value their rewards program.
- 65% of voters say ending credit card rewards would impact the economy.
- 74% of voters say changing the technology that credit card servicers use would affect the economy, and 68% say it would affect inflation.
- 61% of Americans say consumers would not benefit from overhauling the card networks, including a bipartisan majority of Democrats (52%), independents (67%), and Republicans (65%).
- 57% of voters do not trust the merchants who would profit from the change to pass on their cost savings to customers, including a bipartisan majority of Democrats (53%), independents (60%), and Republicans (58%).
‘Anti-Consumer’
“ICBA and the nation’s community banks strongly oppose the introduction of the controversial Credit Card Competition Act, anti-consumer legislation that would end credit card rewards programs merely to expand the Durbin Amendment’s government-orchestrated transfer of income from low-income households to the nation’s largest retailers,” ICBA President and CEO Rebeca Romero Rainey said. “As today’s polling shows, Americans recognize the legislation for what it is — a bad deal for consumers.”
Just in Time for the Holidays, CUToday’s Free Morning Headline Email is Now Double-Free!
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.