Op-Eds

"Retailers insist they will pass on to consumers what they gain by the reduced interchange rate they pay. I don't really think a direct pass-through of savings to consumers will happen."

—Jack Clinton Higgins,
Consumers won’t see savings, Winston-Salem Journal, 4/14/11

"Just ask Australian consumers whether they're better off today than they were before their government imposed restrictions on what the banks could charge for interchange fees. Fewer card types, no rewards programs — the law of unintended consequences kicked in big time. The consumer will not be better off."

—Peter J. Quadagno, President of Quadagno & Associates, Inc.,
Consumers will take hit, USA Today, 4/12/11

"The price caps proposed by the Federal Reserve interchange rule are not going to cover the costs needed to maintain the debit card system and the associated fraud risks."

—Jeff Savage, Chairman, New Hampshire Bankers Association,
Bad news for debit card users, Concord Monitor (New Hampshire), 4/12/11

"The intent of Congress was to eliminate hidden fees that are passed on to consumers through incrementally higher prices on their purchases. Ironically, when the proposed regulations were rolled out, one big-box store issued a communication that tens of millions of dollars would flow to its shareholders, not its customers, as a result of the reduction in swipe fees."

—David Bochnowski, Chairman and CEO, Peoples Bank,
Unintended consequences put consumers at risk,
Northwest Indiana Times, 4/10/11

"Now is not the time to raise costs on consumers or interfere with their choice of payment methods."

—Michael L’Ecuyer, President, Bellwether Credit Union
and Chairman, New Hampshire Credit Union League,
Congress should delay credit card swipe fee rule,
Nashua Telegraph, 4/10/11

"The consumer will not benefit from this interchange price fixing. That is why groups such as the NAACP and many others have expressed concern for low-income consumers and want a study before its implementation."

—Robert T. Taylor, CEO, Louisiana Bankers Association,
Delay and study effort to let Fed set debit card fees,
Shreveport Times, 4/8/11

"We believe the interchange costs that allow merchants of all sizes to accept cards from thousands of financial institutions and increase sales while providing for instantaneous transactions that are protected against fraud and theft are reasonable."

—Marcus Schaefer, President and CEO, Truliant Federal Credit Union,
Unfair legislation would hurt credit-union members,
Winston-Salem Journal, 4/7/11

"Why not take time to ensure this new law and rules really could be pro-consumer? Yes, merchants stand to rake in a multibillion dollar windfall from this new law, but why does it have to be on the backs of credit union members and consumers?"

—Bill Cheney, President and CEO, Credit Union National Association,
New rules mean new fees, USA Today, 4/4/11

"Credit unions and community banks are working to provide you with the same security and confidence as ever despite the threat of these regulations. They simply cannot afford such a dramatic loss in revenue and will be forced to shift costs to their customers with potentially drastic changes in their rates and services."

—Curt Everson, President, South Dakota Bankers Association,
Cap on debit card fee will damage banks, Argus Leader, 4/4/11

"Revenues from debit interchange allow banks to provide many free services. Without that revenue, banks will charge for these services, drop these services or charge more for other services. Does that benefit consumers - especially low-income consumers who may be forced out of traditional banking?"

—Bryan Jordan, President and CEO, First Horizon National Corp.,
Financial reform law needs to be studied, Knoxville News-Sentinel, 4/2/11

"If Congress doesn't act, cardholder fees are likely to go up and free checking may disappear for many or most consumers."

—Bob Torell, President, The University of Nebraska Federal Credit Union,
Consumers will pay the price, Lincoln Journal-Star, 3/30/11

"If you are a small business that has been pushing for a cap on interchange fees, be careful what you wish for — as the Wal-Marts, Home Depots and Targets of the world become bigger and more profitable, they force more small merchants like yourselves out of business."

— Kenneth Brennan, President,
The Village Bank, Newton, and Chairman, Massachusetts Bankers Association,
A big-box license to swipe, Boston Herald, 3/26/11

"Is Senator Durbin naïve enough to think that Wal-Mart will pass the savings on to consumers? I am not."

— Richard J. Bagy Jr., President, First National Bank of St. Louis,
New transaction fees only a good deal for Wal-Mart,
St. Louis Post-Dispatch, 3/24/11

"For Montana community banks, the harm comes in the form of the government mandating a fixed price for a banking service. I am not aware of any other business or retailer in the country that faces government price controls over the products they sell."

— Lyle R. Knight, President and CEO, First Interstate BancSystem,
New law limiting debit card fees would hurtsmall banks, consumers,
Billings Gazette, 3/22/11

"Some people found reason to cheer when Congress passed a law to ‘punish’ Wall Street financiers…But a closer look at those rules suggests we have little reason to celebrate."

—Ed Feulner, President, The Heritage Foundation,
Meet your master: government regulations,
Holland Sentinel (Michigan), 3/21/11

"Some people found reason to cheer when Congress passed a law to 'punish' Wall Street financiers…But a closer look at those rules suggests we have little reason to celebrate."

— Ed Feulner, President, The Heritage Foundation,
Meet your master: government regulations,
Holland Sentinel (Michigan), 3/21/11

"The merchants have sold certain members of Congress on the notion that they will pass cost savings along to consumers — even though there is no such requirement in the regulation. If they were being honest, they would admit that consumers, community bank patrons and credit union members are going to foot the retailers’ bill."

— Tom Boos, CEO, Billings Federal Credit Union,
Limit on debit card fees would shift cost to consumers,
Billings Gazette, 3/20/11

"But the system that allows transactions with the swipe of a debit card was not built for free and is not maintained for free. Card companies and banks have invested billions of dollars in the infrastructure that makes debit cards possible."

— Brad Barrett, President, Tennessee Bankers Association,
Prudence needed with ‘swipe fee’ rules, Asheville Citizen-Times, 3/12/11

"Despite all the misleading pro-consumer propaganda, many are now realizing the unrealistic nature of consumer claims when all factors point to the debit card interchange fee cap actually raising fees and limiting availability of reasonably priced services and products to consumers."

— Fred R. Becker Jr., President,
National Association of Federal Credit Unions,
We cannot relent in opposing interchange cap, Credit Union Times, 3/2/11

"The real winners are big box retailers, who stand to make millions. Unfortunately, the losers are your Main Street financial institutions and consumers – credit unions and their members."

— Fred R. Becker Jr., President,
National Association of Federal Credit Unions,
Interchange price cap rule, The Hill, 2/17/11