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CBA Statement on NACS vs. Fed Decision
Washington, 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 District Court’s ruling to affirm the existing rule. While we still believe the underlying rule is flawed, any further changes to the currently allowed interchange rates would only pile on the negative consequences for consumers. Make no doubt about it – consumers must come first in this process, not the bottom-line of retailers. This drawn-out fight should put on notice those Members of Congress who insist upon interfering with the free market.”
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.