The Senate voted 54-45 to implement the .12 cent debit fee cap effective July 21st. Graphs below analyzing the effects of the Durbin Amendment are courtesy of nerdwallet.com It will be interesting to see whether retailers "pocket the difference" (as expected) or pass the savings on to consumers. (yeah...right)
A .12 cent cap per transaction that will take effect July 21, per the direction of a provision authored by Sen. Dick Durbin, D-Ill., in last year's financial regulatory reform law, known as the Dodd-Frank bill after its sponsors.
Read more: http://politics.blogs.foxnews.com/2011/06/08/senate-rejects-delay-debit-card-swipe-fee-cap#ixzz1OiS91AGt
Senate Rejects Delay for Debit Card Swipe Fee CapFox News (blog) - Trish Turner - 1 hour ago Dick Durbin, D-Ill., in last year's financial regulatory reform law, known as the Dodd-Frank bill after its sponsors. The Durbin amendment caught bankers ... Delaying Dodd-Frank's Durbin Price Controls Would Save Retailers ... - OpenMarket.orgVote on Amendment to Interchange Regs Scheduled for Today - GetDebit.com CU Lobbyists Waging Last-Minute Effort to Push Interchange Measure - Credit Union Times TheStreet.com - InternetRetailer.com |
Related articles
- Senate nears showdown over fees for debit card purchases (chron.com)
- Bankers, merchants debit card fight hits Senate (seattletimes.nwsource.com)
- Jamie Dimon Has Annoyed Sen. Durbin (blogs.wsj.com)
