ABA, Trades Support Durbin Repeal

ABA and several other trade groups wrote to House leaders yesterday in support of H.R. 5465, introduced by Rep. Randy Neugebauer (R-Texas) to repeal the interchange fee price controls imposed by the Durbin amendment.

“The Durbin amendment was included as a last-minute addition to the Dodd-Frank Wall Street Reform Act with the intent that retailers would pass along an estimated $8 billion in savings per year to debit customers in the form of lower prices,” the groups said. “Retailers promised they would pass any savings from the Durbin amendment on to their customers, but almost six years since the amendment was passed, it is clear customers have seen no relief at the register.”