Merchant Payments Coalition says credit unions, community banks have benefited.
Illinois senator files brief in case seeking to force Fed to cut interchange costs further.
Fed says most credit unions didn’t experience a drop in interchange income immediately after the Durbin Amendment went into effect last fall.
Rather than pass debit interchange savings from the Durbin Amendment on to consumers, gasoline retailers are pocketing the difference, the Electronic Payments Coalition says.
Credit unions have argued before U.S. District Judge Richard Leon in defense of the Federal Reserve's existing Durbin amendment regulation.
When Kyle Markland was hired at Affinity Plus Federal Credit Union at the age of 33, he admits that the board took a chance on bringing in someone so young to lead what was then a $357 million cooperative.
CUNA, NAFCU join opposition to merchants' bid to cut debit interchange deeper.
From the Durbin amendment to Reg E, recent regulatory developments have financial institution executives seeking new sources of revenue. However, instead of embarking on the quest, financial services industry executives should look to return to the basic fundamentals and focus on interest income, the most important revenue component for...
The furor over debit card fees left many consumers with the impression that banks benefited from the change in interchange regulations, a new study shows.
Saying that the debit card swipe fees set by the Federal Reserve were neither reasonable nor proportional, the National Retail Federation and other groups have sued the agency.