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Banks hit back at merchants over inflation’s role in swipe-fee debate

| American Banker

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.

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