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Price caps and other regulatory compliance requirements of the Dodd-Frank Act's Durbin amendment are harmful to credit unions and should be repealed, Credit Union of Texas CEO John Lederer says in an opinion piece published Friday by the Star-Telegram.

"One of Dodd-Frank's most dubious regulations is the Durbin amendment, which has harmed consumers, small businesses, community banks and credit unions," says Lederer.

Lederer says the price caps on debit interchange fees and network routing and exclusivity provisions, all created under the Durbin amendment, have increased costs for credit unions and small businesses (including some small merchants) but yielded no change in consumer costs.

In fact, he notes, big-box stores that promised when Dodd-Frank was enacted to lower prices for consumers have failed to do so. "[S]tudies show that despite receiving $6 billion to $8 billion each year [in fee savings], just 1 percent of retailers lowered prices — and 22 percent actually increased prices."

Lederer praises House Financial Services Chairman Jeb Hensarling, R-Texas, and Rep. Roger Williams, R-Texas, vice chairman of the subcommittee on monetary policy and trade, for their leadership in supporting Durbin repeal.

NAFCU continues to oppose the Durbin amendment and is working for its repeal; member credit unions are encouraged to contact their lawmakers in Washington and urge their support. To write a letter, visit NAFCU's Grassroots Action Center.