Statement from Molly Wilkinson, executive director of the Electronic Payments Coalition (EPC), on the sixth anniversary of the signing of the Dodd-Frank Act:
“Six years after the signing of the Dodd-Frank Act, the Durbin Amendment continues to harm customers, small businesses, credit unions and community banks. Since the Durbin Amendment went into effect with the help of retailer special interest lobbyists, big-box stores have kept $36 billion instead of lowering prices for customers like they promised. Even worse, studies show both small businesses and small financial institutions are feeling negative impacts from this legislation, hampering the growth of our economy in unintended ways. It is time to repeal this special interest bill.
EPC thanks Representatives Hensarling and Neugebauer for their leadership and efforts to repeal the Durbin Amendment, through a provision of the Financial CHOICE Act and H.R. 5465 respectively. Before Dodd-Frank’s next birthday, EPC hopes customers will see relief from this failed policy.”
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About the Electronic Payments Coalition
The Electronic Payments Coalition (EPC) is a coalition of payments industry stakeholders, such as credit unions, community banks, trade associations, payment card networks and banks that speaks on behalf of the payments industry to protect the value, innovation, convenience, security and competition that exists in the modern electronic payments system. The EPC educates policymakers, consumers and the media on the system’s role in economic growth and the importance of consumer choice, security, innovation and stability for the continued growth of global commerce.