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NAFCU President and CEO Dan Berger hit back at merchants' claims that savings from the Durbin amendment's debit interchange price controls benefit consumers, when in fact the cap has created a $36 billion windfall for merchants.

In a letter to House Speaker Paul Ryan, R-Wis., and Minority Leader Nancy Pelosi, D-Calif., Berger called merchants out for misrepresenting the price controls' benefits for consumers. He also noted the cap has caused many financial institutions to have to cut back on programs, hurting consumers.

"Merchants are trying to use the payments systems for free while pocketing all of the benefits," Berger said. "Prices in the stores are the same or higher. Quite simply, the Durbin amendment should be repealed."

Berger also touted the repeal being included in the proposed Dodd-Frank Act alternative being drafted by Rep. Jeb Hensarling, R-Texas.

NAFCU has staunchly opposed the amendment, which requires the Federal Reserve to set a cap on debit interchange fees charged by financial institutions with $10 billion or more in assets. The Fed's final rule caps debit interchange transaction fees at 21 cents plus 1 basis point for fraud costs.