Senate Majority Whip Richard Durbin is "disappointed," with the arguments made by CUNA and the Independent Community Bankers of America in opposing his amendment to regulate interchange fees and derided the claim that small financial institutions would be hurt as "absurd."
"Even corporate spite has some boundaries, and sacrificing revenues seems inconsistent with the profit-driven actions that Visa and MasterCard have taken to date," Durbin (D-Ill.) wrote in a letter sent this weekend to CUNA President/CEO Dan Mica and ICBA President/CEO Camden Fine.
Durbin, who wrote that the change "will be good for consumers," urged small financial institutions to be more empathetic to the concerns of small businesses.
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