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CBA President Richard Hunt Statement on Interchange Hearing
Washington, D.C. (August 21, 2013) – Today Richard Hunt, President and CEO of the Consumer Bankers Association, released the following statement after a hearing before U.S. District Court Judge Richard Leon in the matter of NACS v. Board of Governors of the Federal Reserve System:
“The Fed’s decision to appeal Judge Leon’s ruling is welcome news for consumers. The Judge’s original decision left consumers in a sea of uncertainty, with the added insult of potentially losing the services they deeply value. This attempt at price fixing by the retailers and Sen. Durbin ultimately will be shown as heavy-handed and out of touch with the role of government.”
The Consumer Bankers Association (CBA) is the trade association for today's leaders in retail banking - banking services geared toward consumers and small businesses. The nation's largest financial institutions, as well as many regional banks, are CBA corporate members, collectively holding two-thirds of the industry's total assets. CBA’s mission is to preserve and promote the retail banking industry as it strives to fulfill the financial needs of the American consumer and small business.