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.
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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.
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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.
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Comments of the National Taxpayers Union To the Board of Governors of the Federal Reserve
The NTU argues that debit regulation is nothing, but a harmful price control.
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Comments of the Greenlining Institute on the Federal Reserve Proposed Regulation II: Debit Card Interchange Fees and Routing
The Greenlining Institute argues that debit regulation will cause great harm low income consumers.
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Letter from Rep. Owens and Others to Chairman Bernanke
Members of Congress write to Mr. Benanke to express fears over interchange regulations’ harmful consequences for small businesses and institutions.
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Convergence Law Institute Comments on New Fed Rule
The Convergence Law Institute argues that interchange regulations are a series of detailed interventions into specific parts of a complicated financial ecosystem which lack sufficient guidance as to how the FRB agency should deal with the ramifications of these interventions on other parts of the system, or on the system as a whole.
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EPC Statement to the House Financial Services Committee
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”
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EPC Ad – Stop the Debit Card Rule
Learn more about the anti-consumer debit card rule.
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Survey: Fed Debit Card Rule Will Harm Community Bank Customers
People who use debit cards issued by community banks will face higher costs and increased restrictions if the Dubin amendment takes effect, according to a this survey of members of the Independent Community Bankers of America (ICBA).
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Latest Updates
EPC Members Tell Congress to Repeal the Durbin Amendment
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Prominent Convenience Store Publication Admits Credit Cards Provide Major Value for Retailers
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Op-Ed
The Points Guy’s Clint Henderson Highlights Polling Data Showing Consumers Rely on Credit Card Rewards
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Press Releases / Statements