The site’s 2012 Durbin Amendment Impact Study concludes that the law is costing large banks $8.06 billion and small banks $329.4 million annually. For the large banks — those with more than $10 billion in assets — fee revenue has fallen 59.3 percent for signature transactions and 32.4 percent for PIN transactions.
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Big banks took $8B hit because of Durbin Amendment
Delaware Online | May 2, 2012
“Mind-boggling” Card Fees at the Pump: $2 Per Gallon!
PYMNTS.com | April 26, 2012
Current prices at the pump don’t seem to be delivering the savings regulators hoped would result from interchange caps to end users. Indeed, some reports have argued that certain groups of merchants are enjoying massive “subsidies” from swipe fee regulation, and that none of the value is being passed on to consumers.
Long Island gas stations charging more than $2 per gallon card fee
BankCreditNews.com | April 25, 2012
As a result of the Durbin Amendment, gas stations now pay less to process card transactions, which the retail industry promised would result in lower prices for consumers.
Gas Stations Charge More Than $2 Per Gallon Credit Card Fee: Report
Huffington Post | April 24, 2012
“Though gas stations are being charged less by debit card companies thanks to the Durbin Amendment in the Dodd-Frank Act, gas stations are failing to pass on the more than $1 billion in savings to customers.”
Gas Stations Are Hosing Debit Card Users at the Pump
AOL Daily Finance | April 17, 2012
Feel like you’re getting gouged at the gas pump amid rising prices? You actually are if you’re using a debit card.
Gas Stations Are Paying Less, So Why Aren’t You?
Huffington Post | April 17, 2012
“But, instead of passing along those savings to consumers in the form of discounts to those paying with a debit card, gas retailers are pocketing the difference to the tune of a billion dollars a year.”
Gas retailers pocketing $1bn Durbin windfall
Finextra | April 16, 2012
Yet, despite the $1 billion a year this gives merchants “there continues to be no evidence that retailers are passing along savings,” according to the EPC.
Gasoline Retailers Pocketing Durbin Windfall, Payments Trade Says
Credit Union Times | April 16, 2012
Drawing on numbers from the American Automobile Association, the Federal Reserve, the U.S. Energy Information Administration and others, the EPC estimated that gasoline retailers have kept roughly $1 billion in Durbin savings instead of passing it back to gasoline consumers.
Gas Retailers Gained a $1 Billion Subsidy from Durbin Amendment
Electronic Payments Coalition | April 16, 2012
New data released today finds that gas retailers are saving a $1 billion annually at the expense of consumers, thanks to the so-called “Durbin amendment,” a provision of the Dodd-Frank legislation which capped what retailers pay to accept debit cards beginning in October 2011.
Debit card price controls, a lesson in cronyism
Fox News | April 6, 2012
The big-box retailers banded together and forced through price-controls that have boosted their bottom lines while wreaking havoc on consumers, small businesses, and millions of Americans who used to enjoy free checking.