CUNA and the leagues issued an action alert Monday to ensure language repealing the Durbin amendment remains in the Financial CHOICE Act as it moves to the House floor. The alert calls on credit union stakeholders to write to members of Congress to push for Durbin repeal, and outlines the ways it has harmed credit unions and consumers.
Stakeholders can use CUNA’s Voter Voice system to send a message to their member of Congress.
The CHOICE Act passed the House Financial Services Committee earlier this month with a provision repealing the Durbin Amendment included.
The Durbin amendment requires the Federal Reserve to limit fees charged to retailers for debit card processing.
CUNA and the leagues support the repeal language because of the harm the Durbin amendment has caused credit unions and their members, costing credit unions and their members over $1 billion since it was put in place.
As reported by the Federal Reserve the average interchange fee for ‘exempt’ issuers has fallen 19.7% for PIN transactions and 5% for signature transactions, therefore reducing total interchange revenue, since before the Durbin amendment took effect.
CUNA previously issued an action alert in late April to ensure the repeal language remained in the CHOICE Act.
The CHOICE Act could be headed to the House floor for a vote as early as next week,