Liliam López, President and CEO of the South Florida Hispanic Chamber of Commerce, said that the Durbin-Marshall credit card bill would severely harm South Florida’s economy and small businesses. This statement was made in a post on Business Wire.
“This study confirms what we already knew,” said López, according to Business Wire. “The Durbin-Marshall credit card bill would be devastating for South Florida’s economy and small businesses.”
According to Payments Dive, the Durbin-Marshall Credit Card Competition Act was reintroduced in the U.S. Senate in June 2023. The legislation aims to require banks with over $100 billion in assets to offer at least two credit card network options. Proponents argue this measure would reduce fees for merchants, while critics contend it could limit consumer rewards and compromise security. The bill has faced significant opposition from financial institutions and trade associations representing card issuers.
A study by the Electronic Payments Coalition suggests that the Durbin-Marshall bill could reduce U.S. travel and tourism spending by $21 billion annually. It also estimates a loss of over 200,000 jobs within the first three years of implementation. The report concludes that smaller, tourism-heavy economies like South Florida would be disproportionately affected.
According to the American Bankers Association (ABA), interchange price controls similar to those proposed in the Durbin-Marshall bill have historically resulted in higher costs for consumers and reduced access to card benefits. Following the original Durbin Amendment, nearly one in four financial institutions reported scaling back rewards programs. The ABA warns that extending these controls to credit cards could further erode consumer value and impact low-income communities disproportionately.
López is also noted as the founder of both the South Florida Hispanic Chamber of Commerce and its Foundation, serving as President and CEO since 1994. She has been recognized for her leadership and advocacy on behalf of Hispanic-owned businesses in the region.
