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In its letter, FSR thanked the House Financial Services Committee for its continued work to advance a more effective and resilient financial services sector that protects consumers and taxpayers, while also promoting economic growth. H.R. 10, the Financial CHOICE Act, is an important first step that will drive the process to improve the regulatory system and help promote economic growth. FSR supports the many provisions in this legislation that will help improve the regulatory system. We also look forward to working with the Committee and policymakers to refine aspects of this bill as it moves through Congress. Continue Reading View the full letter here.
Dear Chairman Hensarling: On behalf of the Consumer Bankers Association (CBA), I write to express our appreciation for your leadership in crafting H.R. 10, the Financial CHOICE Act. H.R. 10 marks the first major step in the legislative process for the 115th Congress in bringing about much needed reforms to the Dodd-Frank Act and the financial regulatory environment. CBA is the voice of the retail banking industry whose products and services provide access to credit for consumers and small businesses. Our members operate in all 50 states, serve more than 150 million Americans, and collectively hold two-thirds of the country’s total depository assets. Continue Reading; full text below.
On Monday, NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt urged committee leaders to support the legislation and told them that maintaining the Durbin amendment repeal provision is important and that the association urges members to oppose any attempt to remove the provision from the bill. Continue Reading; full letter below.
CUNA wrote to House Financial Services Committee leadership Monday, urging the members to vote against any removal of the Durbin repeal provision. CUNA issued an action alert last week to spur action on Durbin repeal. As a member of the Electronic Payments Coalition, CUNA sent a letter to the CHOICE hearing listing the reasons why the repeal is needed. Continue Reading; full letter below.
On April 28, ABA, CBA, CUNA, EPC, FSR, ICBA, and NAFCU sent a letter to HFSC Chairman Hensarling and Ranking Member Waters urging repeal of the Durbin Amendment as part of CHOICE Act.
Ahead of the April 26 House Financial Services Committee meeting on the CHOICE Act, ABA, CBA, CUNA, EPC, FSR, ICBA, and NAFCU sent a letter to the Committee in support of Section 735 of the bill, which fully repeals the Durbin amendment.
Hundreds of state banking associations and banks sent a letter to House leadership explaining the importance of repealing the Durbin amendment. Read the full letter here.
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.