Pandemic raises stakes on debit card issue

The 10th anniversary of the Dodd-Frank Act came in the midst of the pandemic, when debit card usage was surging. The Durbin Amendment to Dodd-Frank requires card issuers to enable cards to operate on at least two unaffiliated debit networks. Sen. Richard Durbin, (D-Ill.) recently wrote to the Federal Reserve about his concern that the largest card issuers are ignoring the rule at a time when card usage is skyrocketing, resulting in higher fees for merchants and, therefore, consumers. [Continue]

Tech activity demands ILC shift

Banks and technology companies can form great partnerships, but policymakers should watch how these two industries interact, and intervene if equal access to credit or financial stability is threatened. The country has long benefited from laws that separate commerce from banking; this separation may be more important than ever as the world grows more technologically capable. [Continue]

ICBA and ABA testify to support SBA 7(a) loans

Both the ICBA and the ABA urged the House Small Business Committee to continue with its reform of the SBA 7(a) Loan Program on Wednesday during testimony on the Small Business 7(a) Lending Oversight Reform Act of 2018. Cynthia Blankenship and Patricia Husic, on behalf of the ICBA and the ABA, respectively, argued the program helps many small businesses get started. [Continue]