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On the other side of the issue, the Electronic Payments Coalition is running a digital ad campaign in Washington and other advertising in key congressional districts. Those districts include Budd’s, and the districts represented by House Financial Services Chairman Jeb Hensarling (R-Texas) and Financial Institutions and Consumer Credit Subcommittee Chairman Blaine Luetkemeyer (R-Mo.). One digital ad argues that the consumer got “screwed” by the Durbin amendment and the second is an animated video on the need to repeal the Durbin Amendment. Continue Reading
Debit and credit cards make it far more convenient to buy the things you need or love. Debit interchange convenience fees – the small charges retailers pay for the flexibility of accepting cards – make these transactions possible, secure, and reliable. The Durbin amendment changed the way this once reasonable cost of business is calculated. Prices at big-box retailers should have been lowered for customers thanks to this change, it’s what retailers promised after all, but that hasn’t happened. Big-box retailers have now pocketed $42 billion that was meant to go to you. This is what we call the Merchant Markup. Meanwhile, community banks, credit unions, and consumers are carrying the burden and being forced to eliminate debit card rewards and free checking accounts. The Durbin amendment puts red tape and price controls on these purchases and must be immediately and completely repealed to restore the free market. Check out our video here.