WASHINGTON—Sen. Dick Durbin (D-IL) has announced he will not seek re-election next year—a move that likely signals increased efforts to have the Credit Card Competition Act passed in 2025.
Durbin stated on X that he plans to serve the remainder of his term.
The long-time opponent of payment card interchange was the chief architect of the Dodd-Frank Act’s Durbin Amendment, which carries his name. That legislation started the focus on credit and debit card interchange, and markedly reduced issuers’ debit card interchange revenue.
More recently, Durbin teamed up with Sen. Roger Marshall (R-KS) to co-sponsor the Credit Card Competition Act—a retailer-supported bill that would require financial institutions issuing credit cards to adopt new network routing mandates. Credit unions have voiced strong opposition to the legislation.
Defense Credit Union Council Chief Advocacy Officer Jason Stverak said Durbin’s retirement “puts a clock” on the senator’s desire to pass his signature piece of legislation (CCCA).
“I expect him to redouble his efforts to pass the bill, which means credit unions need to be alert and continue to oppose this misguided legislation,” Stverak said.
America's Credit Unions addressed CU opposition to Durbin's interchange legislation.
“Senator Dick Durbin has served the people of Illinois and the United States for more than four decades. While we strongly disagree with Sen. Durbin on interchange legislation, and will continue to oppose it, we recognize his willingness to engage with credit unions on other industry priorities,” said America's Credit Unions President/CEO Jim Nussle.