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Monday, July 29, 2013

Durbin, Welch Urge Stricter Interchange Cap

Sen. Dick Durbin (D-Ill.) and Rep. Peter Welch (D-Vt.) have asked the Federal Reserve to lower debit interchange fee standards in line with a European Commission proposal issued last week. The European recommendation to limit interchange fees to 0.2% “is compelling evidence that the board formulated reasonable debit interchange limits consistent with the law in its proposed rulemaking and failed to do so in its final rulemaking,” the lawmakers said.

Durbin authored the Dodd-Frank provision capping the interchange fees, which banks charge retailers for processing debit card transactions. The Fed initially proposed a 12-cent cap per transaction but increased it to 21 cents in the 2011 final rule in response to grave concerns about the price controls' impact on banks and bank customers.

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