Banks are hitting back at retailers over which side is being harmed by inflation — part of their long-running fight about the future of interchange fees.
Under the Durbin amendment, which was part of the Dodd-Frank Act of 2010, banks and credit unions with less than $10 billion of assets are exempt from a cap on debit-card interchange fees.
But that asset threshold has never been adjusted for inflation, the Electronic Payments Coalition noted this week. Based on 2011 dollars, the current cutoff is now $7.7 billion, according to the group, whose members include both banks and card networks.