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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
Electronic Payments Coalition Executive Director Molly Wilkinson wrote to Fed Chair Janet Yellen to express concerns regarding the detrimental effect the Durbin Amendment is having on consumers.
Philadelphia Fed Analysis of the Effect of Interchange Fee Restrictions on Small Banks Is Incomplete
The Federal Reserve Bank of Philadelphia published a brief yet incomplete note on the impact of Dodd-Frank on small banks. This resource clarifies positions stated in their analysis and provides further information.
Four Years Later, Consumers Aren’t Seeing Savings Promised by Retailers From the Durbin Amendment WASHINGTON, DC – October 1, 2015 marks the fourth anniversary of the Durbin amendment’s implementation, but consumers aren’t celebrating. Once again, a new survey shows at least 92 percent of shoppers in each of the 15 categories measured reported that prices have increased or remained the same over the past year. This survey provides additional evidence that despite retailer promises that they would lower prices after realizing savings from the amendment – savings that now total over $32 billion – consumers generally have not seen savings. This survey, conducted in September 2015 by Phoenix Marketing International and sponsored by the Electronic Payments Coalition, asked nearly 2,000 consumers about price changes they have observed at a variety of retailers. The survey found continued evidence that most shoppers are not experiencing a price decrease at the point-of-sale. Supermarket shoppers … Continue reading
On the Third Anniversary of the Durbin Amendment, 94% of Consumers Not Seeing the Savings Retailers Promised Them
WASHINGTON, DC – October 1, 2014, marks the third anniversary of the implementation of the Durbin amendment, a piece of legislation that was masked as reform, but was nothing more than an $8 billion annual windfall for retailers. While retailers promised they would pass along savings to consumers – savings that now amount to over $24 billion for retailers – a new survey shows that 94% of consumers have seen prices that have increased or remained the same over the past three years. This survey, conducted in September 2014 by Phoenix Marketing International and sponsored by the Electronic Payments Coalition, asked 3,400 consumers about price changes they have observed at a variety of retailers. The research shows that 94% of consumers have seen prices increase or remain the same in the 16 individual point-of-sale categories measured in the survey, and a majority of consumers have seen prices increase at pharmacies, … Continue reading