Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the restrict-user-access domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /nas/content/live/epc1/wp-includes/functions.php on line 6121
SAYEGH: Three years of Dodd-Frank’s broken promises - Electronic Payments Coalition
Skip to content
Back

SAYEGH: Three years of Dodd-Frank’s broken promises

| The Washington Times

The Durbin Amendment to Dodd-Frank, which was introduced on the Senate floor at the behest of large retailers, with no hearings and little debate. It ordered the Federal Reserve Bank to fix the rates banks and debit-card companies could charge for electronic transactions. We now know the Durbin Amendment has not only failed to save consumers money, as Sen. Richard J. Durbin promised, but is harming consumers. How? Banks that depended on the per-charge fees (known as interchange fees) were forced to eliminate other customer services such as free checking and begin charging customers holding smaller account balances. The number of large banks that offer free checking has declined from 96 percent in 2009 to 35 percent in 2011. Politico reports that “the savings which were to be passed to consumers from the retailers post-Durbin Amendment continue to be mostly theoretical.” Even the bill’s lead sponsor, the liberal Democrat Mr. Frank from Massachusetts, has admitted the Durbin Amendment has failed consumers and should be repealed.

Get the Latest Updates Delivered to Your Inbox

By submitting you agree to our Terms & Conditions