Community Banks/Credit Unions
Senator Durbin Amendment #3989
Senator Durbin’s website says his swipe fee amendment will “help small businesses by ensuring that debit card interchange fees are reasonable.”
ABA Disappointed by Senate Approval of Interchange Amendment
American Bankers Association
This amendment is a big concern for banks of all sizes because it directly inserts the government into a price fixing role and mandates competitive inequities in the marketplace, according to the ABA.
ABA Statement on House-Senate Conference Passage of Financial Regulatory Reform Bill
This bill will, in the end, add well over a thousand pages of new regulations for even the smallest bank.
Small Institutions to Durbin Amendment: Thanks But No Thanks
“Thanks, but no thanks,” was the message on Wednesday from representatives of small financial institutions who made it clear they oppose a Senate amendment that would empower the Federal Reserve to regulate debit card interchange.
Defending His Amendment, Sen. Durbin Fires Back at Small Banks
After small banks, credit unions said “no thanks” to Durbin’s amendment, he fired back in a press release expressing “my disappointment at the claims your associations continue to make in your efforts to block reasonable regulation of the interchange fee system.”
US Sen Durbin Blasts Community Bank Group Over 'Swipe' Fees
Durbin, the second ranking Democrat in the Senate, was sharply critical about the Independent Community Bankers of America. They "don't come to their opposition with clean hands," the Senator from Illinois said.
Small U.S. Banks Protest Debit Fee Restrictions
Reduced fees will not cover the small lenders' costs, said Dan Mica, a former Democratic congressman from Florida who now heads the trade group Credit Union National Association.
ICBA’s Fine Speaks Out on Harmful Senate Interchange Amendment
“There is a reason why ICBA didn’t seek a small issuer exemption from the interchange language — because we knew it wouldn’t work,” Fine said. “If this harmful Senate interchange amendment passes, Wall Street and mega-merchants will win and Main Street’s consumers and small merchants will lose.”
ICBA to Conferees: “Compromise” on Interchange Price Controls Is No Compromise
Independent Community Bankers of America President and CEO Camden R. Fine issued the following statement in reaction to the newly released language modifying the Senate’s harmful interchange language.
Community Banks, Credit Unions, and the Durbin Amendment
Kansas City Star
Community banks and credit unions are concerned that a dual system, in which larger issuers were subject to the regulated interchange fees while smaller issuers were not, would be unworkable.
Durbin Amendment to Financial Reform Bill Will Lead to Higher Payment Card Costs and Less Choice for Consumers
Government Price Regulation on Debit Card Acceptance Costs Could Drive Small Financial Institutions Out of the Debit Market
MasterCard Urges House and Senate Conferees to Consider Severe Consequences of Durbin Amendment for American Consumers
Consumers, community banks and credit unions will all pay if this thinly-veiled attempt by merchants to increase their profitability at their customers’ expense becomes law.