In February, the White House issued a set of “Core Principles” for financial services reform that requires agencies to “empower Americans to make independent financial decisions and informed choices in the marketplace.” A good place to start would be for Congress to repeal the so-called Durbin Amendment of the Dodd-Frank Act.
Seven years ago, Democratic Illinois Sen. Richard Durbin rammed through an eleventh hour amendment to Dodd-Frank that imposed price controls on the permissible rate that large banks can charge for debit card interchange fees (the service fee paid by a merchant to the bank that issues the consumer’s card).
More Updates
How the “Credit Card Competition Act” Would End 250-Million Co-Branded Card in the U.S.
Electronic Payments Coalition
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General
Video: Repeal the Durbin Amendment
Electronic Payments Coalition
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General, Video
NAFCU: Time to repeal the Durbin Amendment for a strong interchange system
NAFCU
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What Others Are Saying
IBA: Ricker’s owner got it wrong
Indiana Business Journal
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What Others Are Saying