NAFCU: House Financial Services Committee Must Endorse Durbin Amendment Repeal

The House Financial Services Committee will mark up Chairman Jeb Hensarling’s (R-Texas) Financial CHOICE Act on Tuesday. One provision of the legislation that we strongly support is repeal of the Durbin Amendment.

This amendment, which set price controls on debit interchange fees for some financial institutions, was added to the Dodd Frank Act during conference committee at the behest of big-box retailers. These interests pledged the provision wouldn’t affect “exempt” entities — under the Act, those with holdings less than $10 billion.

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