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Interchange fees are an extremely controversial issue. CBA strongly opposes any government intrusion into the market pricing of interchange fees. The debit and credit card markets are extremely competitive at the card issuer, merchant bank and card network levels. Governmental intrusion into the setting of interchange fees is wholly unwarranted and, like other government intrusion into properly functioning markets, will have undesirable and unintended consequences. CBA believes the ensuing negative effects on consumers of the debit interchange regulation will highlight the harm of governmental price fixing, making it difficult to produce any successful legislative or regulatory efforts that seek to do further harm to interchange rates.
- February 23, 2017CBA LIVE: Record Attendance on the Way Blowing past our year over year attendance numbers, we are on pace for record attendance at CBA LIVE 2017: Where [ it ] Begins. With a sold-out exhibit hall, a lively debate between banks and FinTech scheduled, and a speaker lineup featuring U.S. Bank CEO Richard Davis, Salesforce Einstein VP of Marketing Jim Sinai, and entrepreneur and Super Bowl MVP Roger...
- February 17, 2017CFPB’s Future Uncertain, Consumers Left without Answers From placing the CFPB under the congressional appropriations process to abolishing the Bureau altogether, lawmakers have introduced a host of CFPB reform bills. Additionally, the U.S. Court of Appeals agreed to reconsider a previous ruling, which found the CFPB’s governing structure to be unconstitutional as it yielded too much power to its...
- February 16, 2017It’s time to end the merchant markup and keep retailers from passing on their bills to you. Tell your legislator to support customers and small businesses and repeal the Durbin Amendment.
- February 10, 2017CBA Walking Capitol Hill CBA is at its strongest when our Board of Directors comes together to chart a path forward. As CBA Board Chairman Ross Carey of U.S. Bank discussed with Morning Consult , we visited with 15 Senate offices (mostly Senate Dems) on Capitol Hill to advocate on behalf of our membership and the customers they serve. In 2017, CBA’s top legislative priorities remain enacting a...
- September 16, 2016CBA Elects Ross Carey of U.S. Bank as Chairman A big congratulations to U.S. Bank’s Ross Carey , who was elected to succeed Will Howle of Citi as CBA’s Chairman of the Board, and Brad Conner of Citizens Financial Group, who was named Chair-Elect for 2017. I thank Will for his service as Chairman and I look forward to continuing to work with him in his new leadership role of Immediate Past Chair...
- September 14, 2016In a moved cheered by a wide array of organizations including the Consumer Bankers Association and the Independent Community Bankers of America, the U.S. House Financial Services Committee passed what Republican lawmakers are touting as an alternative to the Dodd-Frank Act. The Financial CHOICE Act moved forward by a partisan vote of 30-26 on Tuesday, generating opposite reactions from lawmakers...
- September 13, 2016On Tuesday, September 13, 2016, the House Financial Services Committee approved (30-26) Chairman Jeb Hensarling’s (R-TX) Financial CHOICE Act of 2016 (H.R. 5983). The 500-plus page bill seeks to rewrite numerous portions of the Dodd-Frank Act and provide regulatory relief to financial institutions. Importantly, Title III of the bill would reform the structure of the CFPB from a sole-director to a...September 13, 2016Washington, D.C. (September 13, 2016) – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), released the following statement in response to the passage of the Financial CHOICE Act of 2016 (H.R. 5983) out of the House Financial Services committee. “CBA welcomes the House Financial Services Committee’s efforts in reforming Dodd-Frank. Consumers will benefit greatly from the...September 13, 2016Government intervention in the markets while well-meaning often leads to unintended consequences. Flawed policy like the price controls on debit card interchange fees included in the Durbin Amendment to the Dodd-Frank Act was full of promise by merchants to reduce costs for consumers but instead has left them holding the bag at the checkout. Thankfully, the House Financial Services Committee soon...September 13, 2016On Tuesday, September 13, 2016, the House Financial Services Committee approved (30-26) Chairman Jeb Hensarling’s (R-TX) Financial CHOICE Act of 2016 (H.R. 5983). The 500-plus page bill seeks to rewrite numerous portions of the Dodd-Frank Act and provide regulatory relief to financial institutions. Importantly, Title III of the bill would reform the structure of the CFPB from a sole-director to a...