ABA Media Contact: Jeff Sigmund
Email: firstname.lastname@example.org Last update: July 13, 2012
The Dodd-Frank Act included a provision (the Durbin Amendment) requiring the Federal Reserve to set rates for debit interchange fees. The rules were finalized June 29, 2011 and have been effective since Oct. 1, 2011.
This rule directly inserts the government into a price fixing role, mandating competitive inequities in the marketplace. It represents a 45 percent loss in revenue that banks use to provide low-cost accounts to our customers, fight fraud and maintain our efficient U.S. payments system. This is a big concern for banks of all sizes, despite the statutory attempt to exempt banks with less than $10 billion in assets.
ABA will continue to aggressively advocate for remedies that will mitigate any harm caused by this regulatory action.
- ABA Response To Retailer Lawsuit Against Federal Reserve (November 22, 2011)
- ABA Statement on House Bill to Repeal Durbin Amendment (Oct. 13, 2011)
- ABA Statement on Changing Landscape for Debit Cards (Sept. 30, 2011)
- ABA Statement on Fed Interchange Rule (June 29, 2011)
- ABA Urges Fed to Revise Rule on Debit Card Interchange (June 20, 2011)
- ABA Disappointed With Senate Vote On Interchange (June 8, 2011)
- ABA Voices Strong Support For Tester-Corker Amendment (June 7, 2011)
- Bernanke Re-States Concern Over Small Bank Debit Interchange Exemption (May 12, 2011)
- ABA Applauds Introduction Of Legislation In The House To Delay Interchange Rule (March 16, 2011)
- ABA Applauds Introduction Of Legislation To Delay Interchange Rule (March 15, 2011)
- ABA Sends Letter to Fed on Proposed Interchange Rule (Feb. 22, 2011)
- ABA Reacts to Comments from Regulators on Interchange Provisions (Feb. 17, 2011)
- ABA Testifies on Negative Impact of Proposed Fed Rules Implementing Durbin Amendment (Feb. 17, 2011)
- ABA Responds to Letter from Senator Durbin (Feb. 15, 2011)
- ABA Statement on Visa's Plan for Two-Tiered Debit Interchange System (Jan. 11, 2011)
ABA Correspondence and Testimony