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CBA Statement on Debit Interchange Hearing
Washington, D.C. (January 17, 2014) – Richard Hunt, president and CEO of the Consumer Bankers Association, issued the following statement in response to today’s hearing on the debit interchange case before a three-judge panel in D.C. Circuit Court of Appeals:
“Today’s hearing was a positive step in preserving the current allowable interchange rate. While we still believe this rate is too low, ultimately rational minds will prevail on this issue and we look forward to the final decision of the appellate court. This is especially crucial given the recent data breaches at retailers such as Target and Nieman Marcus.”
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.