Community Banker Alert

PACB and ICBA have learned that Senator Specter is planning to introduce legislation that will be very harmful to community bank debit and credit card programs, and would be very beneficial to large retailers and chains like Sheetz.

It is expected that this legislation would remove important consumer and competitive safeguards from the credit card networks’ operating rules. Tilting the electronic payments system so dramatically in favor of big-box retailers is bad for your customers and your bank’s ability to offer the debit and credit card products they expect.

We urge you to immediately contact the Senator’s office to ensure that he knows that community bankers object to what he is proposing.

Attached is some background on the legislation we expect him to introduce.