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Consumers Are The Winners In The Visa/Mastercard Antitrust Settlement
Consumers and businesses, especially small businesses, benefit when competition and consumer choice decides winners and losers in the marketplace, not politicians. It is time to put the endless interchange litigation and ancillary political efforts to rest
Finally settling the dispute over interchange fees
As I see it, this settlement resolves all interchange disputes – both those in the past and on a go-forward basis. Those who signed the final agreement are now compelled, through their signatures, to ask for the judge to approve it. Now that both industries have willingly endorsed this agreement, it shows that no further government intervention is necessary – the case is in fact closed.
Dodd-Frank’s Durbin Price Controls Block Jobs, Economic Growth
Price controls from Dodd-Frank’s Durbin Amendment that cap the fees paid for debit card transactions are harming the ability of Georgia’s banks and credit unions to lend to businesses and consumers, according to a new study by the Competitive Enterprise Institute for the Georgia Public Policy Foundation.
Consumer ‘Protection’ Only Seems to End Up Hurting Them
So the Durbin Amendment capped interchange rate for Debit Cards. There isn’t a consumer in the U.S. who has seen any impact on retail prices, as the retail lobby promised.
Does law hurt or help banks, consumers?
The Durbin Amendment began with the best of intentions: it would take an overinflated charge that disproportionately impacts the poor and small businesses, and rein it in to reasonable levels. However, its end effect was to worsen conditions for both groups.
Small business opinion: Swipe fee changes doing little to help merchants
Despite not being legally mandated to charge less for debit card payment processing, average small-bank interchange fees fell 4.4 percent. Apparently, the downward pressure placed on large-bank fees swept those charged by small banks down right along with them.
Durbin Amendment’s Biggest Winner May Be KKR
Retailers may be minimizing the savings in the hope of not attracting too much attention, which could lead to pressure on them to lower their prices.
Study: Federal regulations hurting Georgia and local banks
Federal regulations that cap the fees paid for debit card transactions will harm the ability of Georgia’s banks and credit unions to lend to businesses and could hamper the state’s economic recovery, according to research by the Competitive Enterprise Institute for the Georgia Public Policy Foundation (GPPF).
The Public Pulse
If the Durbin Amendment hadn’t been passed in the first place, these institutions would have kept their fraud prevention programs. The creation of the Durbin Amendment partially explains the increase in identity theft in the past year and is one reason why government spending has increased.
Report: Durbin Amendment “crushing” American businesses
The Durbin Amendment has already hurt small and large banks, and it isn’t helping consumers. It should be repealed before it does any more harm to the businesses that rely on them for loans and lines of credit to make payroll, open new locations and hire more employees.
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