Viewing results for:
POLITICO Morning Money: House Panel Advances Dodd-Frank Alternative
BANKS CLAIM WIN ON DURBIN — From a financial services lobbyist: “The debit-card networks and issuing banks scored an under-the-radar win Tuesday when the House Financial Services Committee passed a Dodd-Frank replacement that included a repeal of Durbin. The anti-Durbin crowd, led by the Electronic Payments Coalition, worked hard for months to make sure Durbin was included in the bill — and stayed there, despite pressure from the retailers to strip it. “That included member meetings, calls in the district, newspaper and online ads, etc. The merchants applied similar (perhaps greater … ) pressure on members to offer an amendment to remove the Durbin repeal.” Continue Reading
Industry Groups Praise Hensarling’s Dodd-Frank Replacement Plan Ahead of Markup
The Electronic Payments Coalition also showered praise on Hensarling’s bill. Both ABA and the Electronic Payments Coalition have advocated for eliminating Dodd-Frank’s limitations on credit card swipe fees, a provision commonly referred to as the “Durbin Amendment” after its lead advocate, Sen. Dick Durbin (D-Ill.). The Financial CHOICE Act would repeal the Durbin Amendment, which led EPC Executive Director Molly Wilkinson to call the legislation “the right thing to do for consumers and small community banks and credit unions.” She made the remarks Monday in a letter to Hensarling. Continue Reading
New Infographic: Stopping for Gas? Beware of Skimmers
Millions of Americans are hitting the road this weekend for vacation. While traveling, many of us will stop at gas stations and convenience stores to stretch our legs, grab a bite, and fill our tanks—putting us at risk for skimming fraud. Recent data shows that nonbank ATMs, especially those at convenience stores, are being targeted by thieves using skimmers to pull debit card data. Gas pumps, which do not have to be EMV compliant until October 2017, are also susceptible to skimming. Police around the country are warning consumers about gas pump skimmers. So as you’re hitting the road for your summer vacation, be sure to ask “Got chip?” when you pull out your credit or debit card and dip instead of swiping. Below are helpful tips to protect your information. Continue Reading
New Resource: Retailers’ Focus on Interchange Fees Masks Opposition to Consumer Security Measures
A new resource from EPC highlights how retailers are masking their opposition to consumer security measures. Continue Reading
IFL and 14 Other Groups Support Financial CHOICE Act
On June 23, a coalition of 15 organizations, organized by the Institute for Liberty, sent a letter to Congress voicing appreciation for the Financial CHOICE Act, including the section repealing the Durbin Amendment. Continue Reading
Banks Step Up Push to Repeal Durbin Amendment
WASHINGTON — More than 50 state bankers associations have rallied behind legislation from Rep. Randy Neugebauer, R-Texas, to repeal caps on debit interchange fees. The groups argue in a letter in a letter Friday to Neugebauer and other members of the House Financial Services Committee that an amendment added to the Dodd-Frank Act by Sen. Richard Durbin, D-Ill., failed to help consumers and instead benefited only retailers. Continue Reading
Bill to Repeal Cap on Swipe Fees Introduced
Legislation to repeal the federal cap on debit card fees was introduced Tuesday in the House. Rep. Randy Neugebauer, R-Texas, the author of the legislation, said in introducing his bill that the cap on swipe fees “represents an egregious example of the federal government picking winners and losers. Simply put, it represents crony capitalism at its worst.” Continue Reading
Morning Money: Durbin Amendment Fight Returns
DURBIN AMENDMENT FIGHT RETURNS — Rep. Randy Neugebauer on Tuesday introduced H.R. 5465 to repeal the Durbin Amendment with support from the Electronic Payments Coalition — American Bankers Association, Consumer Bankers Association, Credit Union National Association, Financial Services Roundtable, Independent Community Bankers of America and the National Association of Federal Credit Unions DURBIN NOT PLEASED — Per release from Sen. Dick Durbin (D-Ill.): “Repealing the Durbin Amendment would be a windfall for Visa, MasterCard and the nation’s biggest banks, but it would diminish transparency and competition in the debit card system and harm millions of Main Street merchants and their customers. Make no mistake – Main Street will not give up its hard-won gains under the Durbin Amendment without a fight. And repeal of the Durbin Amendment will not happen on my watch.” Continue Reading
Durbin Fights Effort to Repeal Interchange Cap
Sen. Richard Durbin (D-Ill.) is vowing to fight a renewed effort to repeal the cap on debit card interchange fees – a part of the Dodd-Frank Act that is known as the Durbin Amendment. “Repeal of the Durbin Amendment will not happen on my watch,” Durbin (pictured) said after Rep. Randy Neugebauer (R-Texas) introduced H.R. 5465, which would repeal the cap. Continue Reading
Neugebauer Bill Aims to Repeal Durbin Amendment
On June 14, Rep. Randy Neugebauer (R-Texas) introduced H.R. 5465, a bill that aims to repeal the Durbin Amendment (Section 1075 of the Dodd-Frank Act). The Durbin Amendment required the Federal Reserve to limit the interchange fee that a card issuer could collect from merchants for debit card transactions. Under the rule implemented by the Fed in June 2011, the maximum interchange fee that a card issuer could receive was set at 21 cents per transaction and 5 basis points multiplied by the value of the transaction. Not surprisingly, with the drop of multibillion-dollar annual revenues for card issuers, the Durbin Amendment has been popular with retailers and merchants but not so much so with debit card issuers. Continue Reading