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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 …
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Group Claims Consumers Don’t Expect Retailers to Pass on Durbin Savings
The war of words between the payments industry on the one side and retailers on the other side continued this week when a lobbying group backed by big banks and payment card networks released survey results claiming that only a tiny fraction of consumers believe retailers are passing on their …
Read More »No Effect on Consumer Prices, Says Anti-Durbin Group’s Survey
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Read More »Partisans Quickly Take Sides Over Plan To Repeal the Durbin Amendment
The unceasing controversy over the Durbin Amendment and its debit card interchange price controls continued Wednesday when two members of Congress declared they would introduce legislation to repeal the measure. The Republican-controlled House of Representatives might very well pass the bipartisan proposal, but its survival chances are much lower in …
Read More »Durbin Casts a Wary Eye on Rising Small-Ticket Debit Interchange
U.S. Sen. Richard Durbin on Tuesday said he is aware that new Visa and MasterCard interchange schedules will cause some merchants to pay much more in interchange when a consumer uses a debit card from a big bank to pay for small purchases. Durbin said the Federal Reserve Board should …
Read More »Applying the Durbin Maximum, Visa And MasterCard Could Squash Small Tickets
It’s back to the future, and in many cases higher merchant-acceptance costs for transactions at or under $15, with the bank card networks’ new debit card interchange schedules that will take effect Saturday. That’s the same date that regulated interchange pricing under the Durbin Amendment to the 2010 Dodd-Frank …
Read More »Opinion & Analysis: What Visa Is up to
n by Steve Mott While most observers have viewed Visa’s recent string of acquisitions as a mere broadening of its conventional card franchise, a long-time analyst of the payments business sees a clever play for dominance of the digital future. Just when the U.S. payments industry appears poised …
Read More »Reviews Are in on Fed’s Final Debit Rule: Thumbs Down from Both Retailers And Banks
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Read More »Fed’s Final Durbin Rule Chops Interchange by More Than 40%, Extends Compliance Deadline
n The 5 basis points added by the Fed to the 21-cent cap is intended to capture some of the fraud losses issuers sustain, the central bank said in a staff memo released on Wednesday summarizing the final rule. The final rule also allows, on an interim basis, a …
Read More »An Amendment To Delay the Durbin Amendment Comes Up Short
Defenders of the debit card interchange status quo saw their last, best hope to delay draconian Federal Reserve regulations from taking effect go down to defeat Wednesday afternoon. An amendment in the U.S. Senate that would have delayed the Fed’s rules died on a 54-45 vote, six shy of the …
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