ICBA comments on Durbin amendment rules

The Independent Community Bankers of America (ICBA) issued a comment to the Federal Reserve Board (the Fed) regarding its plans to update Regulation II, also known as the Durbin amendment, which limits interchange transaction fees for electronic debit transactions and rules for payment card transactions. 

“Ironically, the Durbin Amendment was intended to help consumers and small businesses, but in practice it has functioned as a subsidy for ‘big box’ retailers, ultimately harming consumers,” Mickey Marshall, ICBA director of regulatory affairs, wrote.

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