EPC Predicts Interchange Cap To Be Topic For New Congress
A spokesman for the Electronic Payments Coalition, a group formed to defend card interchange, predicted that the legislation authorizing a cap on debit card interchange would face strong opposition in this Congress.
Trish Wexler declined to predict that the legislation, the Durbin Amendment to last year's financial reform, would be repealed, but pointed out that there is already sentiment in the House against it and that House members last year did not get a chance to vote on it as an individual amendment.
She also said that repeal was the only approach to the legislation possible.
The law is so bad that nothing short of repeal can fix it, she said.