Some industry organizations which fought the passage of theDurbin amendment have moved quickly to applaud the prospect of itsrepeal.

U.S. Reps. Jason Chaffetz (R-Utah) and Bill Owens (D-N.Y.)have announced they will file a bipartisan bill to repeal theDurbin amendment and remove its cap on debit card interchange fordebit issuers of over $10 billion in assets.

One group that applauded the idea is the Electronic PaymentsCoalition.

“The Durbin amendment was forced into law despite repeatedwarnings from consumer advocates, regulators, and economists on thedire consequences that await consumers, said Trish Wexler,spokeswoman for the wide-ranging industry group that opposed theamendment.

“We now see this unfortunate situation for consumers playing outin the form of higher costs to own and use a debit card, with nopromise from merchants that any of their savings will be passed onat the register,” Wexler said. “We commend Congressmen Chaffetz andOwens for their efforts to protect consumers, and we urge Congressto act quickly to get rid of this unprecedented and harmfulamendment once and for all.”

NAFCU, an EPC member, also weighed in. “NAFCU thanks Reps.Chaffetz and Owens for leading the charge to correct the hasty andmisguided Durbin amendment,” said Dan Berger, executive vicepresident for government affairs Dan Berger.

“In just the short period of time since the rule went intoeffect on Oct. 1, we have seen this amendment reach into thewallets of average Americans through increasing bank fees, just aswe had feared,” he said.

This is a great first step in the process of correcting thisdraconian bill, and while we recognize it has a long way to go,NAFCU will work vigorously to have the Durbin amendment repealed.Our fragile economy cannot afford any more instability,” Bergersaid.