Interchange

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.
  • June 14, 2016
    June 14, 2016 Chairman Randy Neugebauer Financial Institutions and Consumer Credit Subcommittee House Financial Services Committee U.S. House of Representatives Washington, D.C. 20515 Dear Chairman Neugebauer: On behalf of the Consumer Bankers Association (CBA), I write to express our strong support for H.R. 5465, a bill to repeal Section 1075 of the Dodd-Frank Act. CBA is the voice of the retail...
  • October 14, 2015
    This week marks the fourth anniversary of the "Durbin amendment," a defective law directing the Federal Reserve to impose price-controls on debit interchange fees. Slipped into the Dodd-Frank financial reform bill at the eleventh hour, the amendment has resulted in billions of dollars in revenue for merchants and not even a Slurpee of savings for consumers. Big-box retailers like Target,...
  • October 2, 2015
    This week marks the fourth anniversary of the “Durbin amendment,” a defective law directing the Federal Reserve to impose price-controls on debit interchange fees. Slipped into the Dodd-Frank financial reform bill at the eleventh hour, the amendment has resulted in billions of dollars in revenue for merchants and not even a Slurpee of savings for consumers. Big-box retailers like Target,...
  • August 14, 2015
    Agencies Take Action Against Citizens On Wednesday, August 12, 2015, the CFPB, FDIC and OCC entered into a consent order with Citizens Bank for allegedly failing to credit consumers the full amounts of their deposited funds. The agencies claim, between January 1, 2008 and November 30, 2013, the bank kept money from deposit discrepancies when receipts did not match the actual money transferred...
  • April 22, 2015
    National Democrats believe that Rep. Patrick Murphy's youth, demonstrated cross-party appeal, and fundraising ability will give the party its best shot at flipping Florida's Republican-held Senate seat next year. But to the liberal grassroots groups pushing for a more progressive candidate in the race, Murphy's moderate record and Wall Street-heavy fundraising base are exactly the same reasons...
  • January 23, 2015
    Supreme Court Will Not Review Debit Interchange Case This week the long debate over debit interchange fees came to a conclusion as far as the court system is concerned. The U.S. Supreme Court decided not to disturb a previous court of appeals decision in NACS v. Board of Governors of the Federal Reserve System . The court of appeals had rejected the retailers' efforts to increase further the $6...
  • January 23, 2015
    Dear Chairman Burgess and Ranking Member Schakowsky: Thank you for holding a timely hearing entitled, “What are the Elements of Sound Data Breach Legislation?” in the Subcommittee on Commerce, Manufacturing and Trade. As the 114th Congress engages in public debate on the important issue of data security, the undersigned financial trade associations are writing this letter for the hearing record...

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