It’s been over a decade since the Durbin Amendment placed price caps and routing mandates on debit cards. In that time, independent and government reports have shown small financial institutions paid the price while corporate mega-stores, like Walmart and Target, pocketed billions in new revenue.
Now Senator Dick Durbin is back, with the help of Senator Roger Marshall, to impose similar routing mandates on credit cards. Why should we think the results would be any different? The data is clear.
The Durbin-Marshall credit card mandates would hurt small financial institutions – all to help the largest corporate mega-stores make more money. That’s why credit unions and community banks in all 50 states oppose the Durbin-Marshall Credit Card Bill.
Congress should do the smart thing and REJECT the Durbin-Marshall Credit Card Bill.
A new EPC one-pager copied below highlights private and government reports outlining the legislation’s pitfalls.