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WASHINGTON—(June 8, 2017)—The Electronic Payments Coalition (EPC) applauds House Financial Services Committee (HFSC) Chairman Jeb Hensarling and Reps. Blaine Luetkemeyer (R-MO) and Ted Budd (R-NC) for speaking out today on the House floor in defense of the consumers, small businesses, credit unions, and community banks harmed by the Durbin amendment. Although repeal of the Durbin amendment was removed from the CHOICE Act, these leaders stressed the importance of ending this failed policy. “As Chairman Hensarling, Reps. Luetkemeyer and Budd stated, price controls have no place in government policy, as they go against free market principles and always end up hurting consumers,” said Molly Wilkinson, executive director of EPC. “For six years too long, the Durbin price controls have allowed big box retailers to pocket $42 billion at the expense of consumers, small businesses, community banks, and credit unions. We appreciate their leadership in the fight to end this merchant markup … Continue reading
In a disappointing turn of events, Congress has decided to strip out crucial language from the Financial CHOICE Act that would have righted a serious wrong done to consumers over the last seven years. Last month, the House Financial Services Committee voted to include language in the bill to repeal the disastrous Durbin amendment, and do away with price controls on debit interchange fees that have provided retailers $42 billion in profit since 2011. These same retailers promised to lower prices for their customers with the additional revenue, but those savings never materialized and in many cases prices have been increased. Tacked on to the enormous Dodd-Frank bill in the 11th hour, the Durbin amendment was full of empty promises that were never fulfilled. Continue Reading
NAFCU’s latest Economic & CU Monitor survey results, now available to member credit unions, show support among respondents for Congress’ move to implement the regulatory relief reforms found in the Financial CHOICE Act (H.R. 10), particularly the proposed repeal of the Durbin interchange amendment. H.R. 10 recently passed the House Financial Services Committee and awaits action by the House. Reports indicate that a vote on the bill could come as early as next month. Continue Reading
CUNA and the leagues issued an action alert Monday to ensure language repealing the Durbin amendment remains in the Financial CHOICE Act as it moves to the House floor. The alert calls on credit union stakeholders to write to members of Congress to push for Durbin repeal, and outlines the ways it has harmed credit unions and consumers. Stakeholders can use CUNA’s Voter Voice system to send a message to their member of Congress. Continue Reading
On Monday, NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt urged committee leaders to support the legislation and told them that maintaining the Durbin amendment repeal provision is important and that the association urges members to oppose any attempt to remove the provision from the bill. Continue Reading; full letter below.
CUNA wrote to House Financial Services Committee leadership Monday, urging the members to vote against any removal of the Durbin repeal provision. CUNA issued an action alert last week to spur action on Durbin repeal. As a member of the Electronic Payments Coalition, CUNA sent a letter to the CHOICE hearing listing the reasons why the repeal is needed. Continue Reading; full letter below.
President Ronald Reagan once said, “The nine most terrifying words in the English language are: I’m from the government, and I’m here to help.” The Gipper understood that when the federal government tries to dictate economic outcomes, it distorts markets, harms consumers, and violates the laws of economics. Sadly, some lawmakers are still struggling to understand these realities, and another son of Illinois in the Senate seems determined to ignore them. Continue Reading
On April 28, ABA, CBA, CUNA, EPC, FSR, ICBA, and NAFCU sent a letter to HFSC Chairman Hensarling and Ranking Member Waters urging repeal of the Durbin Amendment as part of CHOICE Act.
This week, big-box retailers and their lobbyists will be on Capitol Hill with an unenviable chore: to defend a policy that hurts consumers, harms small retailers and makes no economic sense. Their goal is to protect the Durbin amendment, a bad policy passed through an even worse legislative process. More and more members of Congress now recognize that this change was a mistake that has resulted only in a massive windfall for large retailers. Continue Reading