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CBA Statement on Supreme Court Denial of Certiorari for Debit Interchange Case
CBA’s President and CEO Richard Hunt issued the following statement after the U.S. Supreme Court decided not to disturb the court of appeals decision in NACS v. Board of Governors of the Federal Reserve System. The court of appeals previously rejected the retailers’ efforts to increase further the $6 billion annual windfall they secured with the promulgation of the Fed’s interchange price cap rule pursuant to the Durbin Amendment.
“Reasonable minds have prevailed in denying a writ of certiorari. Government mandated price controls, known as the Durbin Amendment, have yet to work as advertised and retailers still have not proved savings have been passed on to consumers,” said Richard Hunt, President & CEO of the Consumer Bankers Association. “Make no mistake 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.”
Founded in 1919, 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 well over half 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.
The Consumer Bankers Association is the recognized voice on retail banking issues in the nation’s capital. Founded in 1919, CBA provides leadership, education, research and federal representation on retail banking issues. For more information, please contact Tom Crosson, firstname.lastname@example.org, (703) 869-1246 or visit www.consumerbankers.com.