March 29, 2011 Letter from Mr. Bernanke to Senators Bachus and Frank Mr. Bernanke acknowledges the complexity of the Dodd Frank Act as well as the essential role of debit cards. More
March 17, 2011 The Heritage Foundation Report This report from the Heritage Foundation finds that the Durbin amendment will make it harder for consumers to use debit cards, hurt banks and credit unions, and increase fees that banks charge consumers for other bank services. More
March 4, 2011 The Office of the Comptroller of Currency’s Letter to the Board of Governors of the Fed Reserve This letter from the OCC argues that the Durbin amendment will harm small businesses and consumers. More
March 2, 2011 Electronic Payments Coalition Press Statement on Fed Rule In a House Subcommittee on Financial Institutions and Consumer Credit hearing, Federal Reserve Chairman Ben Bernanke confirmed fears about the exemption for small financial institutions, stating that it may not be effective in the marketplace. FDIC Chairman Sheila Bair concurred. More
February 27, 2011 Electronic Payments Coalition Written Statement on Fed Rule Written statement of the Electronic Payments Coalition submitted to the House Financial Services Committee Subcommittee on Financial Institutions and Consumer Credit on “Understanding the Federal Reserve’s Proposed Rule on Interchange Fees: Implications and Consequences of the Durbin Amendment.” More
February 24, 2011 CATO and New York University Law School Study on Interchange Regulation The study argues that the dangerous experiment of the Durbin Amendment is a reckless exercise in price controls. More
February 24, 2011 Sens. Hagan and Bennet to Chairman Bernanke Senators Hagan and Bennet note the potential harmful effects of the debit card rule upon small financial institutions. More
February 23, 2011 Trying to Get Something for Nothing (The Interchange Story) A brief story about the value of electronic payments and why the merchants should pay their fair share of the system. More
February 22, 2011 Economic Analysis of the Effects of the Federal Reserve Board’s Proposed Debit Card Interchange Fee Regulations on Consumers and Small Businesses This paper examines the impact of the reductions in interchange fees proposed by the the Federal Reserve Board on consumers and small businesses. It finds that consumers and small business would face higher retail banking fees and lose valuable services as banks rationally seek to make up as much as they can for the debit interchange revenues they will lose under the Board’s proposal. The number of unbanked consumers would increase as lower-income households reduce the use of higher-priced accounts. Small businesses would lose money in the first 24 months the proposed rules are in effect because of the offsetting increase in bank fees. Most of these small businesses do not accept debit cards and therefore would not have any offsetting benefits from lower interchange fees. Large retailers would receive a windfall. More
February 22, 2011 Institutions Urge Revision of Federal Debit Rule Every major national bank and credit union trade association joined together to urge fundamental revisions of the Federal Reserve’s debit card ruling. More
April 15, 2024 EPC Statement & Timeline on Durbin, Marshall Weaponization of Government EPC Read Press Releases / Statements
April 11, 2024 CRS Report: “Unclear” Who Durbin-Marshall Credit Card Bill Benefits EPC Read Press Releases / Statements