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US banks step up fight to end fee limits on debit cards
US banks are stepping up efforts to win one of Washington’s fiercest lobbying battles with a push to end limits on debit card fees that they claim have failed to help consumers and handed retailers a $42bn windfall. The American Bankers Association is hoping to capitalise on Donald Trump’s vow to “do a number” on the Dodd-Frank act as it fights limits on swipe card charges included in post-crisis reforms. Continue Reading at Financial Times
New Video: SCREWED
“Consumers are on the verge of getting a great windfall…” Using retailers’ own words, EPC launched a compelling video focusing on the “broken promises” that retail industry lobbyists made when they pushed for the Durbin Amendment. Now, six years later, “Is the consumer the one that just got screwed?” Watch the video to find out.
NAFCU’s Berger to CUs: ‘Time to act is now’ on Durbin repeal
NAFCU President and CEO Dan Berger urged NAFCU members to reach out their lawmakers and push them to support the repeal of the Durbin debit interchange amendment in a message Thursday. The 2017 “Financial CHOICE Act,” which could be introduced in the coming weeks, is expected to include a provision to repeal the amendment, which was included as a late addition to the 2010 Dodd-Frank Act. Continue Reading
ICBA: Community Bankers Continue Interchange Pushback
Several new op-eds spotlight the negative impact of Durbin amendment price controls on community banks and the financial services industry at large. Continue Reading
CUNA: CU leagues call for pro-consumer reg. relief nationwide
As CUNA’s bipartisan, pro-consumer Campaign for Common-Sense Regulation gets underway, CUNA and state leagues are taking to publications across the country to highlight the number of ways credit unions are fighting to better serve consumers. League efforts in Massachusetts, New Jersey and Ohio have led to recent articles on how credit unions can better serve consumers through regulatory relief. Continue Reading
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