LSCU’s Beeler: Durbin amendment expansion would hurt consumers
Credit unions oppose Durbin Amendment expansion because it would increase financial pressure on consumers, League of Southeastern Credit Unions and Affiliates President Samantha Beeler wrote in The Capitolist, a publication focused on Florida business, policy, and politics. There have been recent discussions of expanding the Durbin Amendment caps on interchange fees, which credit unions strongly oppose.
“We learned from the regulations put in place by U.S. Senator Dick Durbinm D-Ill., during the Great Recession that federal regulations often stifle credit unions’ ability to provide free checking accounts and other services to members," she wrote. "Now, Senator Durbin is working to introduce a new amendment in Washington, calling for more regulations on the routing systems used by credit unions and banks to process member transactions."
Beeler noted that Florida credit unions immediately engaged with policymakers, including Sens. Marco Rubio, R-Fla., and Rick Scott, R-Fla. Credit unions made more than 236 contacts with the Senators on behalf of Florida’s 6.6 million credit union members.
The League—with CUNA, the American Association of Credit Union Leagues, and other organizations—also wrote a letter to Senators highlighting the failures of the Durbin Amendment and warning against any expansion.