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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.
- 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, 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, 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, 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...September 12, 2016September 12, 2016 The Honorable Jeb Hensarling Chairman Committee on Financial Services U.S. House of Representatives Washington, D.C. 20515 Dear Chairman Hensarling, The Consumer Bankers Association (CBA) applauds the goal of H.R. 5983, the Financial CHOICE Act of 2016, to reform the financial services regulatory framework and reduce regulatory burdens on financial institutions. CBA is the...September 9, 2016Next week, House Financial Services Committee Chairman Jeb Hensarling (R-TX) plans to hold a markup of his alternative to Dodd-Frank, The Financial CHOICE Act. Committee consideration of the bill and amendments are likely to begin next Tuesday with votes possible on Wednesday. The CHOICE Act includes key provisions to reform the CFPB, including transitioning the structure at the Bureau to a...September 9, 2016Interchange Alert -- Interchange Alert -- Interchange Alert! Next week, the House Financial Services Committee is expected to vote on the Financial CHOICE Act , which includes a repeal of the Durbin Amendment. Under the Durbin Amendment’s mandated price control, consumers have failed to see the savings promised by proponents of the measure while also losing out on many affordable banking products...June 15, 2016On June 15, 2016, Rep. Randy Neugebauer (R-TX) introduced H.R. 5465, a bill to repeal section 1075 of the Dodd-Frank Act, which directed the Federal Reserve to impose price-controls on debit interchange fees. The Federal Reserve’s rules have been in effect for more than four years and have failed to deliver the savings promised to consumers by merchant’s who advocated for the law. House Financial...