Joint Financial Trades Statement on Federal Reserve’s Decision to Revisit Reg II
Joint Financial Trades Statement on Federal Reserve’s Decision to Revisit Reg II
WASHINGTON – The Consumer Bankers Association today released the following statement with the American Bankers Association, Bank Policy Institute, Credit Union National Association and National Association of Federally-Insured Credit Unions after the Federal Reserve announced its decision to consider changes to Regulation II:
"The Durbin Amendment has been flawed from the beginning, making it harder for banks and credit unions to serve consumers, causing unintended consequences for financial institutions and failing to deliver on its promise to lower retail prices. The Fed's decision to revisit Reg II risks causing even further consumer harm. The Fed's own study of debit card transactions, both in person and online, shows that merchants and consumers are increasingly benefitting from significant investments in innovation and fraud detection embedded in the nation's payment rails today. By reopening the rules surrounding debit card transactions, the Fed could put the convenience, safety, and security that Americans have come to expect when they use their debit card at risk. We will vigorously oppose any attempt to undermine the payments system at the expense of consumers.”
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About the Consumer Bankers Association:
The Consumer Bankers Association represents America’s leading retail banks. We promote policies to create a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.7 million jobs in America, extend roughly $4 trillion in consumer loans and provide $275 billion in small business loans annually. Follow us on Twitter @consumerbankers.
