Debit Cap Arrives: Interchange Cap Was a Long Time Comin’
It’s an arcane subject that is of concern mainly to financial institutions and retailers and one that rarely generates headlines. Last year, however, everything changed.
While credit unions and banks were fending off parts of the financial overhaul bill that they felt would add to their regulatory burden, they saw the issue of debit interchange fees thrust into the spotlight.
In a letter to then-CUNA President Dan Mica and Independent Community Bankers of America President Cam Fine, Durbin accused them of mischaracterizing the provisions of his amendment and urged them to “to accurately represent to your members what my amendment does, and to clarify any misimpressions of what it does not do.”
CUNA and NAFCU and the banks tried in vain to lobby the conferees to remove the Durbin amendment.