This week, the Credit Union National Association (CUNA) released the findings of a new study they commissioned on the effects of the 2010 Durbin Amendment’s debit price controls and routing mandates on banking, small businesses, and the economy.
The results show that past interchange regulations are highly detrimental to consumers and small businesses, while small financial institutions were hardest hit, despite promised protections in the bill.
CUNA concludes by urging Congress to learn from its past mistake and reject proposed credit card routing legislation (S. 1838/H.R. 3881), stating:
“Future credit card regulations should NOT be enacted because they harm both consumers and the banking system—with small, local community financial institutions suffering disproportionately given their much more limited resources.”
A copy of the CUNA release can be read below.
