Two legislators have announced they will file a bipartisan bill in the House to repeal the Durbin amendment and remove its cap on debit card interchange.
"Durbin dollars" to merchants flowing in, Heartland Payments Systems says.
The added costs to consumers because of the Durbin amendment are the focus of a video by congressional Republicans.
This article will be among the news, features, analysis and insight filling the pages of the next print edition of Credit Union Times.
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.
As the Oct. 1 deadline for the Durbin amendment interchange cap to go into effect draws near, consultants who work with credit unions on managing their debit programs are urging CUs to focus more attention on their debit programs.
ACCEL/Exchange business development director says interchange impact goes beyond debit fees.
Since the finalization of the Durbin amendment, many credit unions have been considering how they will compensate for lost interchange revenue with other forms of noninterest income.
The U.S. interchange battle between merchants and issuers is coming to a close now that the Durbin Amendment has been interpreted by the Federal Reserve Bank.
Analysts, payment executives advise limiting debit network participation in order to protect their debit interchange income.