On June 14, Rep. Randy Neugebauer (R-Texas) introduced H.R. 5465, a bill that aims to repeal the Durbin Amendment (Section 1075 of the Dodd-Frank Act). The Durbin Amendment required the Federal Reserve to limit the interchange fee that a card issuer could collect from merchants for debit card transactions.
Under the rule implemented by the Fed in June 2011, the maximum interchange fee that a card issuer could receive was set at 21 cents per transaction and 5 basis points multiplied by the value of the transaction. Not surprisingly, with the drop of multibillion-dollar annual revenues for card issuers, the Durbin Amendment has been popular with retailers and merchants but not so much so with debit card issuers.
More Updates
Durbin Amendment is a Failure for Customers: Repeal the Merchant Markup
The Hill
Read
Op-Ed
Despite Retailer Claims, Durbin Amendment Has Harmed Community Banks, Credit Unions and Small Businesses
Electronic Payments Coalition
Read
General
EPC Members Applaud Leadership of Reps. Hensarling and Neugebauer on Durbin Amendment Repeal
Electronic Payments Coalition
Read
Press Releases / Statements