What does this diverse group of organizations and individuals have in common?
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Washington is helping you clean out your wallet.
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Letter from 13 Senators to Mr. Bernanke
A Letter from 13 Senators warning Mr. Bernanke of the potential consumer harm from interchange regulation.
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Filene Research Institute Report: Interchange Regulation: Implications for Credit Unions
In Interchange Regulation: Implications for Credit Unions, author Adam Levitin builds on his previous research to dissect the Dodd- Frank Act and, in particular, the Durbin amendment affecting debt interchange. The report argues that the amendment will push down the approximately $17B in debit interchange paid to issuing financial institutions every year which will cause growing credit union debt and rising costs to consumers and institutions alike.
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“Don’t Change Interchange” by The Disclosures
Protect your credit union’s debit card and contact Congress today! Please send messages to your federal legislators urging them to cosponsor S. 575 or H.R. 1081, and thanking those who have cosponsored the bills. Both bills call for the delay and study of the Federal Reserve’s new interchange rule, which will force added costs and fees onto credit union members (and non-members!) who use debit cards.
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ICLE: The Economics of Payment Card Interchange Fees and the Limits of Regulation
This study by Todd J. Zywicki identifies both the theoretical and actual failings of such debit regulation. Payment cards are a secure, inexpensive, welfare-increasing payment mechanism largely unlike any other in history. Rather than increasing consumer welfare in any meaningful sense, interchange fee legislation represents an attempt by some merchants to shift costs away from their businesses and onto card issuing banks and cardholders.
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Hand Written Notes of Senator Durbin
Senator Durbin’s last-minute hand written notes added to his amendment.
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Small biz benefits when accepting credit/debit
Small business owners discussing the benefits of accepting credit and debit.
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Fact Sheet: Checks And Debit Cards Aren’t The Same
Fact sheet explaining how retailers are arguing for pricing parity between debit cards and checks even though they know that checks are not free, are a far more risky form of payment and an option they already have the ability to encourage.
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Credit Card Market: Economic Benefits and Industry Trends
In this study, “Credit Cards and Small Business: The Benefits, Opportunities and Policy Debate,” SBE Council Chief Economist Raymond J. Keating highlights key moments in the history of the credit card business, and notes how the modern system works. Keating looks at the “interchange fee,” and helps readers understand the economics of “two-sided markets.” He walks through the facts, the trends, the numbers, and the many benefits to small businesses.
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