Oklahoma Bankers Association We make bankers better!
The Oklahoma Bankers Association, the American Bankers Association and 51 other state bankers associations expressed strong opposition to the Durbin-Marshall Credit Card Mandate – also known as the Credit Card Competition Act – warning in a joint letter sent to Congress in late January that the proposal would harm consumers, small businesses and banks of all sizes.
In the letter, the associations write the legislation “would harm consumers, small businesses and banks alike by reducing card choice, increasing fraud risks, reducing rewards, increasing the cost of allocating credit to borrowers and creating economic challenges for smaller financial institutions.”
The groups note that nearly 15 years of data demonstrates that the original Durbin amendment failed to deliver promised consumer benefits. The letter further explains that expanding this failed framework to credit cards would produce similar outcomes, stating that “expanding this failed policy to impose new regulations on credit card interchange fees will lead to similar consumer harm.”