Berger underscores Durbin Amendment fallbacks following interchange hearing
NAFCU has strongly opposed efforts to employ arbitrary interchange price caps and routing restrictions under the Durbin Amendment, which according to Fed data has taken away $6 to $8 billion in revenue yearly from credit unions and banks. These caps are also one of the leading contributors to the decline in free checking accounts offered by banks and credit unions, according to a Government Accountability Office (GAO) study.
Watch the hearing and read the statement. NAFCU will continue to provide credit unions with updates on interchange regulation via NAFCU Today. Credit unions are also urged to weigh in with their Senators on this important topic via NAFCU’s Grassroots Action Center.
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