American consumers are seeing the consequences of these burdensome regulations. For example, before Dodd Frank, 75% of banks offered free checking and in 2012, only 39% of banks continued to do so. Similarly, the minimum average balance necessary to qualify for free checking has doubled over the same time period. Many attribute this to the bill’s Durbin Amendment, which imposed price controls on the interchange fee (paid between banks for the acceptance of card based transactions) charged for debit cards.
Additionally, a study by the International Center for Law and Economics found low income families are being hit the hardest. The center estimates that from 2014-2017, $1 billion to $3 billion annually will be transferred from low-income households to large retailers and their shareholders as a result of the Durbin Amendment.