The Durbin Amendment, passed as part of Dodd-Frank in 2010, established a government-imposed price control on interchange fees for debit cards. This cap has resulted in a massive transfer of income from consumers to retailers. In fact, according to a recently-conducted analysis using data from the Federal Reserve, since 2012, issuers have lost more than $90 billion in interchange revenue — including an estimated $14 billion in 2019 alone.
The Cost of the Durbin Amendment
July 20, 2020