Interchange

Interchange fees are an extremely controversial issue. CBA strongly opposes any government intrusion into the market pricing of interchange fees. The debit and credit card markets are extremely competitive at the card issuer, merchant bank and card network levels. Governmental intrusion into the setting of interchange fees is wholly unwarranted and, like other government intrusion into properly functioning markets, will have undesirable and unintended consequences. CBA believes the ensuing negative effects on consumers of the debit interchange regulation will highlight the harm of governmental price fixing, making it difficult to produce any successful legislative or regulatory efforts that seek to do further harm to interchange rates.
  • May 30, 2017
    On May 24, 2017, Rep. Jeb Hensarling (R-TX), the chairman of the House Financial Services Committee, agreed to remove the repeal of the Durbin Amendment from the second discussion draft of the Financial CHOICE Act (“CHOICE 2.0”). The Durbin Amendment, an amendment to the Electronic Fund Transfer Act added by section 1075 of the Dodd-Frank Act, requires the Federal Reserve Board to adopt...
  • May 4, 2017
    Washington, D.C. – Consumer Bankers Association (CBA) President and CEO Richard Hunt issued the following statement today in response to the House Financial Services Committee’s passage of the Financial CHOICE Act 2.0 by a vote of 34 to 26. “ Since Dodd-Frank’s passage, banks have been working diligently to comply with the sometimes onerous and duplicative requests of regulators,” says CBA...
  • May 2, 2017
    Washington, D.C. (May 1, 2017) – Today, Consumer Bankers Association’s (CBA) president and CEO Richard Hunt sent a letter to House Financial Services Committee (HFSC) Chairman Jeb Hensarling, encouraging the committee to keep Section 735, which repeals the anti-consumer Durbin Amendment, in the Financial CHOICE Act 2.0, as well as weigh the importance of a five-person bipartisan commission at the...
  • May 1, 2017
    Policymakers in Washington regularly trigger the law of unintended consequences, hurting the very people they profess to help. A prime example is the Durbin Amendment, a last-minute addition to the Dodd-Frank Act that placed the Federal Reserve in charge of pricing debit-card transactions and established new rules for how those transactions are routed. This misguided effort to regulate debit-card...
  • May 1, 2017
    Dear Chairman Hensarling: On behalf of the Consumer Bankers Association (CBA), I write to express our appreciation for your leadership in crafting H.R. 10, the Financial CHOICE Act. H.R. 10 marks the first major step in the legislative process for the 115th Congress in bringing about much needed reforms to the Dodd-Frank Act and the financial regulatory environment. CBA is the voice of the retail...
  • February 23, 2017
    CBA LIVE: Record Attendance on the Way Blowing past our year over year attendance numbers, we are on pace for record attendance at CBA LIVE 2017: Where [ it ] Begins. With a sold-out exhibit hall, a lively debate between banks and FinTech scheduled, and a speaker lineup featuring U.S. Bank CEO Richard Davis, Salesforce Einstein VP of Marketing Jim Sinai, and entrepreneur and Super Bowl MVP Roger...
  • February 17, 2017
    CFPB’s Future Uncertain, Consumers Left without Answers From placing the CFPB under the congressional appropriations process to abolishing the Bureau altogether, lawmakers have introduced a host of CFPB reform bills. Additionally, the U.S. Court of Appeals agreed to reconsider a previous ruling, which found the CFPB’s governing structure to be unconstitutional as it yielded too much power to its...
  • February 16, 2017
    It’s time to end the merchant markup and keep retailers from passing on their bills to you. Tell your legislator to support customers and small businesses and repeal the Durbin Amendment.
  • February 10, 2017
    CBA Walking Capitol Hill CBA is at its strongest when our Board of Directors comes together to chart a path forward. As CBA Board Chairman Ross Carey of U.S. Bank discussed with Morning Consult , we visited with 15 Senate offices (mostly Senate Dems) on Capitol Hill to advocate on behalf of our membership and the customers they serve. In 2017, CBA’s top legislative priorities remain enacting a...
  • September 16, 2016
    CBA Elects Ross Carey of U.S. Bank as Chairman A big congratulations to U.S. Bank’s Ross Carey , who was elected to succeed Will Howle of Citi as CBA’s Chairman of the Board, and Brad Conner of Citizens Financial Group, who was named Chair-Elect for 2017. I thank Will for his service as Chairman and I look forward to continuing to work with him in his new leadership role of Immediate Past Chair...

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