Today, a coalition of nonprofit policy organizations sent a letter to Congress in opposition to any legislation that would expand or mimic the provisions of the Durbin amendment as enacted in the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203). Expanding the Durbin amendment’s interchange fee cap and routing restrictions to credit cards would fail to lower retail prices for consumers; reduce revenue for community banks and credit unions; and significantly harm low-income Americans by eliminating credit card rewards and raising the overall cost of credit.
The letter is available here.