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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.
- June 6, 2014Student Loan Hearings in the U.S. Senate Simultaneous hearings in the U.S. Senate Banking and Budget Committees took place on June 4, 2014 covering the issue of student loan debt. This is the first time in the past three years this issue has been given proper attention, and I was glad to see these hearings were not totally political theater. However, greater scrutiny must be given to the issue of...
- June 6, 2014CFPB Publishes Semi-Annual Report to Congress The CFPB issued its fifth Semi-Annual Report on May 28, 2014. Totaling 177 pages, the Report provides a detailed accounting of actions the Bureau has taken from October 1, 2013 through March 31, 2014. With considerable attention devoted to the consumer complaint process, the document also highlights issues regarding supervision, enforcement and...
- March 27, 2014March 21, 2014Breaking News – Retailers Dealt Blow in Durbin Interchange Case Today in a major decision by the United States Court of Appeals for the District of Columbia Circuit on the debit card interchange case, NACS v. Board of Governors of the Federal Reserve System, reasonable minds prevailed in vacating the District Court’s ruling to affirm the existing rule. This means the current fee ceiling of 21...March 21, 2014Washington, D.C. (March 21, 2014) – Richard Hunt, president and CEO of the Consumer Bankers Association, issued the following statement in response to a decision made today by the United States Court of Appeals for the District of Columbia Circuit on the debit card interchange case - NACS v. Board of Governors of the Federal Reserve System: “Reasonable minds have prevailed in vacating the...January 24, 2014CFPB Seeks Advisory Board and Council Applications On January 15, 2014, the CFPB announced it is seeking applications for positions on its Consumer Advisory Board (CAB), the Credit Union Advisory Council (CUAC), and the Community Bank Advisory Council (CBAC). The Dodd-Frank Wall Street Reform and Consumer Protection Act, which created the CFPB, required the establishment of CAB to advise and...