Statement from Molly Wilkinson, executive director of the Electronic Payments Coalition (EPC) on the House Financial Services Committee’s upcoming hearing on the Financial CHOICE Act:
“This hearing is an important step toward repealing the Durbin Amendment, a damaging price control that hurts consumers and small businesses while generating windfall profits for the Big Box retailers whose lobbyists wrote it. By including a repeal in the Financial CHOICE Act, Congress can put an end to this harmful law.
“The Electronic Payments Coalition thanks Chairman Jeb Hensarling and members of the House Financial Services Committee for their leadership to repeal the Durbin amendment. We look forward to hearing from expert witnesses who will recount how the law has hurt small businesses and their customers, as well as the credit unions and community banks that were supposed to be protected.”
EPC submitted testimony to the House Financial Services Committee prior to the hearing stating, “The Durbin amendment, which completely bypassed consideration by the Senate Banking Committee, has hurt consumers, small banks and credit unions. In the nearly seven years since the enactment of the Durbin amendment, consumers have not seen savings at the register, big box retailers have pocketed over $42 billion, and small banks and credit unions have been squeezed by increased costs and lower interchange fee revenue… It is time that Congress addresses this market-distorting special interest giveaway by repealing the Durbin amendment.”
See the full testimony here.
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.