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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.
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).
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 It should be repealed before it does any more harm to the businesses that rely on them for loans and lines of credit to make payroll, open new locations and hire more employees.
Small banks struggling under new regulations
Although banks with less than $10 billion in assets are exempt from the debit card caps, the fear is they will be forced to adjust prices to remain competitive with the new pricing of the larger banks.
New regulations are hurting banks, hampering Georgia’s recovery
Among other new requirements on the banking industry, the Dodd-Frank Act’s Durbin Amendment limits the amount banks can charge retailers for debit card transactions, curtailing an important revenue stream for banks at a time when they are most vulnerable and our economy most needs them — as lenders and more — to fuel a slowly rebounding economy.
Forget Jamie Dimon — Congress needs to look in the mirror
How does the law’s transfer of around $8 billion a year from banks and consumers to wealthy retailers – through Senate Majority Whip Dick Durbin’s amendment putting price controls on the interchange fees merchants pay to process debit cards – contribute to preventing the next financial crisis?
A Year In, Durbin Impact Feud Endures
“Now, we are seeing that small retailers selling everyday items, like a cup of coffee or a turkey sandwich, are worse off because of the Durbin amendment–while giant retailers are rolling in the dough.,”
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