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Marshall-Durbin Bill Would Repeat Durbin Amendment Issues
Sens. Roger Marshall, R-Kan., and Dick Durbin, D-Ill. are meddling in banking networks that protect financial data, benefit consumers and provide fast, efficient transactions, wrote Spero Financial Credit Union President/CEO Brian McKay in The Post & Courier. CUNA, Leagues, and credit unions strongly oppose the interchange bill from Marshall and Durbin.

“The tried-and-true channels are 99.999% reliable, provide stalwart defense of consumer data and guarantee payments to retailers,” he wrote. “People entrust millions of dollars every second to banks and credit unions, and today’s longstanding, reliable system delivers. And with a range of card-rewards programs, everyone has a choice in which one best boosts their budget.”

Instead, the Marshall-Durbin bill would repeat the mistakes of the Durbin Amendment cap on debit card interchange bill that pushed payments costs onto smaller retailers, credit unions, and consumers.

“[The bill] repeats the Durbin Amendment’s theme of promises left unfulfilled. It invites heavy-handed intervention in efficient, effective systems to cheapen the handling of consumer payments,” McKay wrote. “And it is sure to negatively impact payment options, curb budget-extending rewards programs and free checking, and further disadvantage consumers and local businesses.”

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