Durbin Says Interchange Reform Showing Results

Assistant Majority Leader Dick Durbin (D-Ill.) sent a letter to the American Bankers Association (ABA) last week refuting the association's claims that swipe fee reform is a mistake.
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Assistant Majority Leader Dick Durbin (D-Ill.) sent a letter to the American Bankers Association (ABA) last week refuting the association's claims that swipe fee reform is a mistake.

Responding to a letter that ABA sent to congressional leaders, Durbin said Main Street businesses across America are seeing real relief from debit swipe fees, and that relief has been achieved without significant negative impact on small banks and credit unions.

"These small financial institutions have been thriving since reform took effect," Durbin wrote. "Many consumers have been able to receive discounts for buying products such as gasoline and airline tickets with their debit cards, and many more have benefited as merchants have been able to keep prices down as a result of lower interchange costs. Far from being a mistake, debit interchange reform is showing real results.”

This week marks the first anniversary of debit swipe fee reform, and the National Retail Federation estimates that U.S. retailers and their customers are saving up to $18 million a day.

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