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"Durbin Amendment" |
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Bigdaddy0381
MODERATOR Georgia peach Joined: February/27/2007 Location: Georgia Status: Offline Points: 13682 |
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Posted: March/31/2011 at 13:34 |
The so-called "Durbin Amendment" was one of the unfortunate amendments added at the last minute to the Dodd-Frank Wall Street Reform and Consumer Protection Act. This amendment requires the Federal Reserve to establish price controls on debit card "interchange fees," the fees that we and other financial institutions receive to process, settle, and incur the risk on debit card transactions. It is estimated that these government price controls will cost the banking industry over $12 billion annually. The loss of this much revenue will result in significant changes in the way we price all of our retail banking products, and will be very costly and disruptive to our clients. The Durbin Amendment was added to the Dodd-Frank bill on the floor of the Senate, without any hearings and with almost no debate. With the imposition of these price controls looming (they're scheduled to be implemented in July), many groups from across the political and social spectrum have come to the conclusion that the Durbin Amendment was insufficiently studied, is an egregious intrusion into free markets by the federal government, and will result in substantial new costs to consumers. I've listed at the bottom of this email some of the diverse groups who are siding with the banking industry in calling for additional study of this matter, and a delay in the implementation of the Durbin Amendment. With the help of the American Bankers Association, we are joining the rest of the banking industry in making sure our voice is heard on this important non-partisan matter. If you have not already done so, I would encourage you to take a few moments to go to the following website (TAKE ACTION NOW link below), and use the tools there to construct a brief message to your elected senators and representative asking them to support legislation that has been introduced to delay these price controls for a period of time while the matter is studied more carefully. This is entirely up to you, but if you choose to respond, you should do so very soon as a bill to delay the Durbin Amendment may be brought to a vote as early as this week. Thank you very much for your support on this important matter. INDEPENDENT VOICES WHO ARE VOICING CONCERNS ABOUT THE DURBIN AMENDMENT: FEDERAL INSURANCE DEPOSIT CORPORATION THE WALL STREET JOURNAL CONVERGENCE of LAW INSTITUTE NATIONAL TAXPAYERS UNION THE NATIONAL ASSOCIATION OF NEIGHBORHOODS AMERICANS for TAX REFORM THE GREENLINING INSTITUTE AMERICANS for PROSPERITY THE NATIONAL COMMUNITY REINVESTMENT COALITION
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supertool73
Optics God Superstool Joined: January/03/2008 Status: Offline Points: 11814 |
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Freaking government sticking its nose in it is the reason for most bank fees. The idiots just don't get that if they make the banks pay more to operate then they have to pass the costs on to the consumers so the banks can continue to operate. It is just a vicious cycle.
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Lifetime warranty and excellent customer service don't mean a thing when your gun fails during a zombie attack.
"A Liberal is a person who will give away everything they don't own." |
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Bigdaddy0381
MODERATOR Georgia peach Joined: February/27/2007 Location: Georgia Status: Offline Points: 13682 |
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I agree but hit "take action now" and maybe we can slow it down for a few years.
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P&Z Firearms , Pro gun cleanings and gun repair and wood refinishing.
Ecclesiastes 10:2 |
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supertool73
Optics God Superstool Joined: January/03/2008 Status: Offline Points: 11814 |
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Working at a bank I am on the ABA and UBAs direct mail list. I sign all those things.
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Lifetime warranty and excellent customer service don't mean a thing when your gun fails during a zombie attack.
"A Liberal is a person who will give away everything they don't own." |
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Bigdaddy0381
MODERATOR Georgia peach Joined: February/27/2007 Location: Georgia Status: Offline Points: 13682 |
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P&Z Firearms , Pro gun cleanings and gun repair and wood refinishing.
Ecclesiastes 10:2 |
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