LSCU president/CEO Patrick La Pine’s recent article published in Florida Politics on the Durbin Amendment and why the amendment should be repealed has gotten the attention of media outlets in the industry. Highlights from his comments include:
Six years ago, the financial world experienced the reorganization of Wall Street and a last-minute addition of the Durbin Amendment into the Dodd-Frank Wall Street Reform and Consumer Protection Act. This amendment did not prove to be beneficial to consumers, small businesses, and so-called “exempt” financial institutions, such as local credit unions and community banks.
This amendment required the Federal Reserve to institute price controls on interchange fees for debit card transactions, which has taken its toll on small businesses and consumers. Two efforts are underway to repeal the Durbin Amendment in Washington: the stand-alone measure H.R. 5465 and Section 335 of the Financial CHOICE Act. A coalition of organizations has joined together to let policymakers know that the current policy is not helping Main Street.
The Credit Union National Association (CUNA) has joined other trade groups in writing a letter explaining that repeal of the Durbin Amendment is the only way to reverse the damaging impact on credit unions and other financial institutions, small businesses, and their customers. Let your legislators know that you stand behind consumers, small businesses, and your local credit unions by joining the effort at StopTheMerchantMarkup.com. Read more at FloridaPolitics.
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