Sen. Richard Durbin has urged the American Bankers Association to “stand down your massive, misleading lobbying effort which is aimed at preventing the Federal Reserve from ever coming forward with reasonable final [interchange] regulations.’’
In a letter to ABA President/CEO Frank Keating, Durbin (D-Ill.) said Thursday that the efforts of the banks and other opponents of his push to regulate interchange fees are not really intended to delay the implementation of the Fed’s rule, which was mandated by the financial overhaul bill passed by Congress last year.
“(I)t is difficult for me to believe that your efforts to have Congress stop and study this rule are anything other than an effort to prevent regulation from ever occurring,” Durbin said in his letter .
Durbin, who sponsored the amendment in the financial overhaul bill, added that he is confident that the Fed rule will “put forth a reasonable set of regulations that will enhance the efficiency, competitiveness and fairness of the debit system.’’
The Federal Reserve has released a proposed rule on interchange but not the final version.