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The Electronic Payments Coalition submitted comments to Chairman Hensarling ahead of the planned markup of the Financial CHOICE Act, which includes a provision to repeal the Durbin Amendment.
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.
The Electronic Payments Coalition submitted comments to the House Financial Services Committee on the Financial CHOICE Act, supporting the inclusion of the Durbin Amendment’s repeal.
Professor Todd Zywicki’s letter to the House Financial Services Committee offers support for repealing the Durbin Amendment, as included in the Financial CHOICE Act.
Despite Retailer Claims, Durbin Amendment Has Harmed Community Banks, Credit Unions and Small Businesses
On June 14, 2016, EPC’s members American Bankers Association (ABA), Consumer Bankers Association (CBA), Credit Union National Association (CUNA), Financial Services Roundtable (FSR), Independent Community Bankers of America (ICBA), and National Association of Federal Credit Unions (NAFCU) sent a letter to Chairmen Hensarling and Neugebauer in support of their efforts to repeal the Durbin Amendment.
A study by the Federal Reserve Bank of Richmond found that the Durbin Amendment is not working as Congress intended and has led to several unintended consequences. This resource provides further information on how the Amendment has failed consumers.
A statement from Molly Wilkinson, executive director of the Electronic Payments Coalition (EPC) praising testimony from Professor Todd Zywicki at the U.S. Senate Committee on Banking, Housing, & Urban Affairs hearing today: Price controls on debit card transactions, which were enacted through the Durbin Amendment, have created a hand out for retailers that so far has reached $36 billion and continues to rise each year. Professor Zywicki’s testimony made this padding by large retailers evident by noting, “While the Durbin Amendment has saved big box retailers billions of dollars per year in interchange fees, there is no evidence to date that those cost savings have been passed on to retail consumers. In short, consumers are paying higher fees for bank accounts and receiving no rebates from retailers. Indeed, unlike big box retailers that have received multi-billion dollar windfalls, many small retailers are actually paying higher merchant discount rates than … Continue reading