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In a letter to community bankers, ICBA president and CEO Camden R. Fine writes about the Durbin Amendment’s harmful impacts and calls for the policy to be repealed. We knew this was going to happen. When Congress passed the Durbin amendment, ICBA and community bankers said government price controls on debit interchange fees would dramatically harm our industry. Now we are witnessing the unfortunate effects of this retailer-promoted government intervention in the payments marketplace. It is time for community bankers to rise up and urge Congress to include a Durbin amendment repeal in the highly anticipated 2017 Financial CHOICE Act, scheduled to be introduced soon by House Financial Services Committee Chairman Jeb Hensarling (R-Texas). Federal Reserve data show that Durbin price controls have eroded community bank interchange revenues. Per-transaction fees on signature transactions were down 4.4 percent between January 2011 and October 2015 for small issuers, while fees on PIN … Continue reading
Several trade organizations sent a jointly signed letter to members of the House Financial Services Committee in support of Section 335 of the CHOICE Act, which would repeal the Durbin Amendment. Continue Reading
On May 10, 2016, EPC sent a letter to House leadership explaining why H.R. 2205 is needed to better protect consumer information. This letter is a follow-up to an earlier one from October.
The Protecting America’s Cyber Networks Coalition (the coalition) urges the Senate to pass S. 754, the Cybersecurity Information Sharing Act (CISA) of 2015, which is expected to be taken up this week. Passing cybersecurity information-sharing legislation is a top policy goal of the coalition, which is a partnership of leading business associations representing nearly every sector of the U.S. economy.