CUNA joined other organizations Monday to express strong opposition to any expansion of the Durbin Amendment, which caps interchange fees. The letter was sent to leaders of the House Financial Services Committee and the Senate Banking, Housing, and Urban Affairs Committee.
Retail organizations called for the Durbin Amendment cap to be extended from debit cards to credit cards in a June letter.
“Support for any legislation on this topic would undermine the overall health and security of the U.S. payments ecosystem and have significant negative implications for consumers and small businesses at a time when the U.S. economy is just starting to recover from a global pandemic,” the letter reads. “Already, the COVID-19 pandemic and resulting regulations created a $250 billion wealth transfer from small businesses to big-box retailers—and an expansion of the Durbin Amendment would only further widen that gap.”
The letter also notes: