The CHOICE Act, which recently passed out of the House Financial Services Committee, included a provision that repeals the Durbin debit interchange amendment. CUNA supports this repeal because of the harm the Durbin amendment has caused credit unions and their members.
The Durbin amendment was a last minute addition to the Dodd-Frank Act in 2010. This provision has cost credit unions and their members more than $1 billion since it was put in place. Though the retailers promised to lower prices in return for lower interchange fees, they have instead largely used these government-mandated price controls to pocket nearly $42 billion.
It is time to show that the Durbin Amendment has failed and debit card transaction rates and routing should be determined by the free market. Click here to tell your Representative that the Durbin amendment repeal should remain in the CHOICE Act.
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