Confirming long-observed anecdotal evidence, a recent paper from two Federal Reserve researchers found that after the Durbin Amendment took effect, affected banks were 35.2 percent less likely to offer a “free checking” product than they were before Durbin.
House Republican leadership is expected to remove a provision repealing the Durbin Amendment from House Financial Services Committtee Chairman Jeb Hensarling’s Financial Choice Act before it receives a vote on the House floor, according to news reports last night.
The House Financial Services Committee today voted to advance the Financial Choice Act, Chairman Jeb Hensarling’s (R-Texas) sweeping, 600-page bill aimed at reforming parts of the Dodd-Frank Act’s extensive supervisory regime and providing regulatory relief for banks.
In a joint op-ed published in Morning Consult today, the heads of several major financial trade associations, including ABA, called for the repeal of the Durbin amendment, which imposed government price controls on debit card interchange.
As the House Financial Services Committee prepares to begin the markup of the Financial Choice Act tomorrow, ABA President and CEO Rob Nichols wrote to committee leadership commending them for their efforts to address the negative consequences of the Dodd-Frank Act.
The House Financial Services Committee today held a hearing on the Financial Choice Act, Committee Chairman Jeb Hensarling’s (R-Texas) sweeping, 600-page bill aimed at reforming parts of the Dodd-Frank Act’s extensive supervisory regime and providing regulatory relief for banks.
As representatives from the retail industry hit Capitol Hill this week to lobby members of Congress, American Bankers Association President and CEO Rob Nichols called on lawmakers to repeal the Durbin Amendment, which imposed government price controls on debit card interchange.
House Financial Services Committee Chairman Jeb Hensarling (R-Texas) today released the latest legislative text of his Financial Choice Act, a 600-page bill aimed at rolling back and reforming parts of the Dodd-Frank Act’s extensive supervisory regime, as well as providing regulatory relief for banks of all sizes.
Small merchants place a higher value on the services they get when accessing the payments system than on paying a low interchange rate, according to a recent survey.
In a joint letter to House leadership today, ABA, along with 793 banks and 49 state associations, urged Congress to include a repeal of the Durbin Amendment in financial reform legislation this year.