The Independent Community Bankers of America has failed to convince the Department of Justice to drop its lawsuit against Visa U.S.A. and MasterCard International.

In a letter dated April 30, the Washington-based trade group told federal prosecutors that Citigroup's decision to switch primary allegiance from Visa to MasterCard was evidence of competition in the industry and grounds to drop the antitrust action.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.