Retailers organized by the National Retail Federation and the Merchants Payments Coalition are scheduled to descend on Washington, D.C., on Wednesday to urge Congress to preserve the Durbin Amendment within the ever-controversial Dodd-Frank Act. One close observer of the political and banking scenes, however, believes the amendment will survive despite …

By Jim Daly@DTPaymentNews For more than six years, most of the debate about the Dodd-Frank Act’s Durbin Amendment has been relatively straightforward. Merchants like Durbin because they pay less in debit card acceptance costs under the amendment’s interchange price cap affecting card issuers with more than $10 billion in assets. …

By Jim Daly@DTPaymentNews Merchant trade groups have kept up a steady drumbeat this year in support of the Dodd-Frank Act’s Durbin Amendment with its debit card regulations. But, with Republicans taking full control of the federal government in January, the drumbeat got louder Tuesday when 627 large and small merchants …

The effort to repeal the Durbin debit regulations ignores deeper issues in the U.S payments industry, including the problems created by a flawed pricing system. U.S. Rep. Randy Neugebauer, R-Texas, recently introduced H.R. 5465, a bill that would repeal the Durbin Amendment. This bill comes on the heels of many …

By Jim Daly@DTPaymentNews If you think the upcoming 2016 elections are only about The Donald versus Hillary, think again. A bill in the House of Representatives that would significantly alter the controversial Dodd-Frank Act and repeal its contentious Durbin Amendment passed the House Financial Services Committee Tuesday on a 30-26 …

More than 120 retailers sent a letter Tuesday to the U.S. House of Representative’s Financial Services Committee urging the panel to reconsider two measures that would repeal the Durbin Amendment in 2010’s Dodd-Frank Act. The bills stand virtually no chance of becoming law while Barack Obama remains president, but with …

• The Merchants Payments Coalition, a Washington, D.C., lobbying group, released a new statement decrying what it calls a “poison pill” provision embedded in a bill proposed earlier this month by U.S. Rep. Jeb Hensarling, R-Texas, to reform the 2010 Dodd Frank Act. The provision would repeal the debit-interchange curbs …

In an unsurprising ruling, a three-judge panel on the federal appeals court in Washington, D.C., upheld the Federal Reserve Board’s controversial rule implementing the Durbin Amendment’s debit card provisions in 2010’s Dodd-Frank Act. A federal district judge last July overturned the rule, saying the Fed hadn’t followed Congress’s intent. Judges …

The Federal Reserve Board on Tuesday released data about banks’ debit card interchange income now that the Durbin Amendment is in effect. Not surprisingly, the numbers show that interchange for regulated card issuers plunged. The nation’s leading retailer trade group took the occasion to decry the Fed, even though merchants …

  Ouch. The Durbin Amendment, which slapped debit card interchange price controls on big banks beginning Oct.1, cost some of the nation’s largest financial institutions more than $1.1 billion in reduced fourth-quarter revenue. Digital Transactions News calculated that figure based on what seven national or large regional banks disclosed over …