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Corker calls on Congress to use Dimon hearing for insight into regulations
Sen. Bob Corker (R-Tenn.) said on Wednesday that he hoped Congress would use the Senate Banking Committee hearing with Dimon to focus more on improving financial regulations rather than JPMorgan Chase...
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Durbin Amendment could hurt Georgia banks’ lending ability, economic recovery
A recent study in the state of Georgia revealed that federal caps on debit card transaction fees will damage the state’s economic recovery and reduce the ability of the state’s financial institutions...
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Community banks struggle in wake of Dodd-Frank regulations
The 2010 Dodd-Frank Act was intended to curb the risky financial activities of America’s largest institutions, but the legislation has made it more difficult for smaller community banks to thrive....
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Report: Durbin Amendment “crushing” American businesses
A recent report from a think tank organization reveals that the 2010 Dodd-Frank Act’s Durbin Amendment has had a “crushing impact” on American banks and businesses. The report, conducted by the Georgia...
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House Financial Services subcommittee to hold hearing on Dodd-Frank’s impact...
The House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises will hold a hearing on Tuesday to examine the impact of Dodd-Frank on the ability of American...
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Durbin Amendment hurting U.S. banks, retailer savings may be temporary
As the one-year anniversary of the Durbin Amendment approaches, recent data revealed that the rule has not only hurt small and big banks alike, but the savings retailers have seen may be short-lived....
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Dodd-Frank still stalled after two year anniversary
As the two year anniversary of the signing of the 2010 Dodd-Frank Act approaches, the efforts of interest groups, lobbyists and lawyers have left many of the rules stalled in the rule-making process....
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Retailer interchange lawsuits end in $7.25 billion settlement
A U.S. district court announced a settlement last week between retailers, card issuers and payment networks regarding interchange fees. The $7.25 billion settlement, the largest of its kind in history,...
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Iowa-based State Bank & Trust says Sen. Grassley to blame for bank’s closing
John Rigler, the head of the Iowa-based State Bank & Trust, recently said that Sen. Chuck Grassley (R-Iowa) is to blame for the closing of the only bank in New Hartford, Iowa. Rigler said that...
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Forbes: Congress should allow market to function freely
Malcolm Stevenson “Steve” Forbes, Jr., the chairman of Forbes Media, recently said that Congress should allow the U.S. market economy to work on its own. “Washington’s war on the free market, capital...
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Cumberland Gulf Group opposes swipe fee settlement with retailers
The Cumberland Gulf Group, a company amalgamated from Cumberland Farms Inc. and Gulf Oil LP, has joined the opposition to the proposed $7.25 billion settlement between Visa, MasterCard and retailers....
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Hotel operators debate charging new fee under Durbin Amendment
As a result of the controversial Durbin Amendment, hotel operators are debating instituting a new fee for paying with plastic, adding to already complex hotel statements. The Durbin Amendment, a...
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ABA seeks to set up tax-exempt political fund
The American Bankers Association, which represents approximately 5,000 U.S. banks, will vote on Thursday whether to launch a tax exempt political organization capable of raising unlimited funds from...
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National Retail Federation to oppose $7.25 billion interchange fee settlement
The National Retail Federation announced on Tuesday that it will try to block a $7.25 billion settlement between Visa, MasterCard and retailers over alleged interchange fee-fixing. The NRF, which is...
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ABA urges Congress to ignore calls for higher Durbin price controls
The American Bankers Association, in response to a letter sent by the Retail Industry Leaders Association asking Congress to increase price controls, urged Congress to reject those calls to prevent...
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ABA: Durbin not helping consumers
The American Bankers Association, along with several other trade groups, said in a Friday letter to Congress that the price controls established under the controversial Durbin Amendment have done...
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Sen. Durbin: Expect further congressional intervention in interchange battle
Sen. Richard Durbin (D-Ill.) defended congressional intervention in the battle over interchange fees ub a Tuesday letter to the American Bankers Association. The letter was in response to a recent ABA...
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Consumers paying 1.5 percent more as Durbin anniversary approaches
October 1 marks the one year anniversary of the enactment of the controversial Durbin Amendment, but new research reveals that, despite $8 billion in savings by retailers, consumers are paying 1.5...
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Judge to hear debit card interchange arguments
On Tuesday, U.S. District Court Judge Richard Leon will hear U.S. government, retailer and debit card issuer arguments on the Federal Reserve’s regulations capping debit card interchange. The retailer...
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Keating: Time to move on from interchange issues
ABA President and CEO Frank Keating said that it is time for retailers to move on and end calls for Congress to intervene on the interchange issue in a letter this week published by Politico. Following...
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Battle over interchange fees heard before U.S. District Court judge
The debate over the debit interchange fee cap under the controversial Durbin Amendment went before a U.S. District Court judge recently. Retailers filed suit against the Federal Reserve in order to...
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Critics of retail efforts to lower interchange rates speak out as debate...
The debate over interchange fees has landed in front of a U.S. district court judge and critics are speaking out against retailer efforts to have the interchange fee lowered even further. The...
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Democrats increasingly speak out against Dodd-Frank
Republican criticism of the 2010 Dodd-Frank Act has garnered substantial media attention in recent months, but more Democrats have also begun to speak out against the massive financial overhaul....
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Electronic Payments Coalition: Retailer settlement with Visa, MasterCard...
Despite recent setbacks in the retailer settlement with Visa and MasterCard, the settlement is still seen as viable and likely to receive preliminary approval from a federal judge by some. “The...
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Durbin Amendment raises parking rates in Washington D.C.
Parkmobile notified customers in the Washington D.C. area last week that it would be raising fees, citing the Durbin Amendment as the reason for the fee hike. The company, which allows its customers to...
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Durbin slams Parkmobile for Durbin Amendment rate increases
Sen. Dick Durbin (D-Ill.) criticized Parkmobile on Friday after the company notified customers of a rate increase resulting from the Durbin Amendment drafted by Durbin and included in the 2010...
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Berlau: Repeal of Durbin Amendment may protect consumers from credit card fees
John Berlau, a senior fellow at the Competitive Enterprise Institute, recently said that repealing the Durbin Amendment could prevent retailers from charging consumers new credit card fees. The Durbin...
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Sen. DeMint backs Parkmobile against Sen. Durbin
Sen. Jim DeMint (R-S.C.) has come to the aid of Parkmobile, which recently cited the Durbin Amendment as the reason for its fee increases, after the company elicited criticism from the rule’s namesake....
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U.S. district judge grants preliminary approval of swipe fee settlement
A U.S. district judge granted preliminary approval recently of the Visa and MasterCard settlement with retailers despite objections from hundreds of merchants. During the Friday hearing last week,...
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ABA releases analysis of election’s impact on financial regulatory climate
The American Bankers Association’s government relations division has released an analysis of how the recent election will influence key banking regulations. “This election was one of the most important...
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Texas city of La Vernia considers card fee for bill-pay and other services
The citizens of La Vernia, Texas, may soon see a slight increase in the cost of utility bills and other services if they choose to pay with plastic at city hall. During a city council meeting earlier...
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FTC probes Visa’s debit policies for violations of Durbin Amendment
Visa has agreed to provide antitrust regulators at the Federal Trade Commission with documents related to its PIN Debit Gateway Service, which may have violated the controversial Durbin Amendment. The...
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Mercator Advisory Group adds report on Durbin Amendment, similar legislation...
A new report on the Durbin Amendment revealed that similar provisions have arisen in other areas around the globe, and some networks may find the changing regulatory landscape to be challenging. “The...
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Barney Frank ends 30-year career in Congress, says Durbin Amendment won’t...
Rep. Barney Frank (D-Mass.), an outspoken advocate of Wall Street reform, will retire from Congress next month after more than 30 years on Capitol Hill. In 1987, Frank, an advocate of affordable...
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Fed report: Durbin Amendment has had little effect on small banks’...
A recent report by the Kansas City Federal Reserve Bank revealed that a cap on interchange fees mandated by Dodd-Frank has had little effect on small community banks. Dodd-Frank’s controversial Durbin...
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Durbin Amendment’s minimal impact on small bank revenue leads some to roll...
More than one year after the Durbin Amendment took effect, small banks have seen little impact on interchange revenue, leading many community institutions to promote the use of debit cards. The Durbin...
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Safeway launches debit card program to avoid card processing fees
Safeway unveiled its combined debit and store loyalty card this week in order to pull money directly from customer bank accounts without paying a transaction processing fee. Customers enrolled in the...
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Credit unions exempt from Durbin Amendment impact see decrease in interchange...
Recent data from the Credit Union National Association found that credit unions that should be protected from the impact of the Durbin Amendment interchange fee cap instead saw a decrease in...
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Thirteen states introduce measures to block credit card “checkout fees”
While only 10 states across the U.S. have implemented a ban on credit card surcharges, legislatures in 13 other states are currently considering legislation to prohibit retailers from charging...
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Bachus speaks on Durbin Amendment, looming sequester
Spencer Bachus, the chairman emeritus of the House Financial Services Committee, said during a speech on Tuesday that Congress may “revisit” Dodd-Frank’s Durbin Amendment, citing the provision’s...
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Credit unions impacted by Durbin Amendment despite exemption
Since the Durbin Amendment took effect in October 2011, the provision has led to mixed results for credit unions across the country, with some warning that the exemption provided to community financial...
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Federal Reserve to forego changes to swipe fee cap
On Tuesday, following a new report that revealed a decline in interchange fees, the Federal Reserve Board said that it does not intend to make changes to rules pertaining to the fees. Beginning in...
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Fed to avoid changes to swipe fee cap
On Tuesday, following a new report that revealed a decline in interchange fees, the Federal Reserve Board said that it does not intend to make changes to rules pertaining to the fees. Beginning in...
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NAFCU disputes Fed report on Durbin Amendment
The National Association of Federal Credit Unions recently disputed a Federal Reserve report that said the Durbin Amendment has been successful. In 2011, the Fed issued the Durbin Amendment, which...
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Court invalidates Durbin Amendment
A U.S. district court invalidated the Federal Reserve’s Durbin Amendment on Tuesday, saying the Fed ran “completely afoul of the text, design and purpose” of the provision. Judge Richard Leon ordered...
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Study: Durbin Amendment costs consumers $22 billion
A recent report on the impact of the Durbin Amendment revealed that the Dodd-Frank provision has cost consumers between $22 billion and $25 billion. The controversial Durbin Amendment led the Federal...
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Court to allow NAFCU, amici to present arguments in Fed appeal on debit...
A federal appeals court granted on Friday the National Association of Federal Credit Unions and other amici time to present oral arguments in January on the Federal Reserve’s appeal regarding debit...
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MPC’s Kantor: Payment system lacks security due to transfering fraud costs to...
Doug Kantor, counsel for the Merchants Payment Coalition, said in an op-ed last week that the “broken” U.S. payment system lacks security because credit card companies “that control the system can push...
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NRF urges appeals panel to uphold ruling against Fed’s interchange rule
The National Retail Federation urged a three-judge appeals panel on Friday to uphold Judge Richard Leon’s July ruling that the Federal Reserve cap on debit swipe fees is too high and that the cap...
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Oberthur develops debit card to meet Durbin requirements
Oberthur Technologies announced on Monday that it has developed the first MasterCard-certified debit card that meets the requirements stipulated under the Dodd-Frank Act’s Durbin Amendment. The Cosmo...
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