As the U.S. Senate prepares to advance stablecoin legislation in the coming weeks, Senators are eyeing the bipartisan GENIUS Act ( S.1582 ) as a rare opportunity to move their own initiatives forward.
Last week, Senators Richard Durbin (D-IL) and Roger Marshall (R-KS) filed the necessary paperwork to add the Credit Card Competition Act (CCCA) ( S.1838 ) to the GENIUS Act. Often referred to as “Durbin 2.0,” the CCCA would extend to credit cards a provision of the Durbin Amendment that transferred debit card routing decisions from banks and consumers to merchants.
Although most IBAT members are not credit card issuers, we have long believed that that the cost to implement the CCCA will be borne by the entire industry. We remain further concerned that the CCCA provides a “race to the bottom” mentality among credit card networks to provide an alternative at the lowest cost possible – undermining customer security and fraud monitoring in the payments system.
IBAT urges all members to take a moment to contact Senator John Cornyn and Senator Ted Cruz to voice opposition to the addition of the CCCA to the Genius Act. For quick and easy action, we’re using the ICBA’s Be Heard Grassroots Action Center. Submitting your concern about this amendment takes less than five minutes.
