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. 

Press Releases

2012

• ABA Statement on Merchant Interchange Settlement (July 13, 2012)
• ABA Statement on Federal Reserve Report (May 1, 2012)

2011

• 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 Statement On Debit Interchange Rule Proposal (Dec. 16, 2010)
• ABA Testifies on Impact of Interchange Fees on Small Business (July 29, 2010)

ABA Correspondence and Testimony

• ABA Letter Urging Fed to Revise Rule on Debit Card Interchange (June 20, 2011)
• Testimony of Albert C. Kelly on behalf of the American Bankers Association on Impact of Dodd-Frank Ac on Community Banks (March 2, 2011)
• ABA Comment on Debit Card Interchange Fees (Feb. 22, 2011)
• Joint Comment on Debit Card Interchange Fees (Feb. 22, 2011)
• Senator Richard Durbin's response to ABA letter to Congress on Interchange (Feb. 14, 2011)
• ABA, State Bankers Associations Letter to Congress on Federal Reserve's Interchange Rule (Feb. 8, 2011)

• Testimony of Robert Oeler on behalf of the American Bankers Association regarding the Impact of Interchange Fees on Small Businesses before the Small Business Committee, United States House of Representatives (July 29, 2010)

• Statement for the Record on behalf of the American Bankers Association regarding Interchange Fees before the Committee on Financial Services, United States House of Representatives (Oct. 8, 2009)

White Papers

• Setting Reasonable and Proportional Interchange Transaction Fees and the Utility Rate Making Experience (sent to Fed in November 2010) 

More Resources

• Debit Interchange and the Harmful Effects of Price Controls
• Federal Reserve's Debit-Card Interchange Proposal
• Interchange on ABA Dodd-Frank Tracker
• Electronic Payments Coalition Interchange Site
• How Interchange Works (A primer on card transactions)
• Cost of a Checking Account