Just as debit card reforms harmed consumers, so too will credit card reforms. The biggest casualty of this new legislation will be co-branded credit cards, more commonly known as rewards credit cards, which will cease to exist. For the sake of consumers and merchants, Congress must put a stop to such hazardous proposals as the unintended consequences […]
durbin
Real Clear Policy: For the Sake of Consumers, Kill the Durbin Amendment
Despite trying to cut costs for consumers and businesses, research has consistently shown the Durbin amendment denied consumers access to no-fee and low-fee financial services. Moreover, this denial disproportionately harmed minority and low-income communities, preventing them from accessing formal lines of credit. The proposal to lower and cap interchange fees for credit card transactions would exacerbate […]