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ICBA: Senate Failure to Pass Tester/Corker Is a Loss for Main Street Consumers

Washington, D.C. (June 8, 2011)-The Independent Community Bankers of America (ICBA) released this statement following the Senate's failure to pass an amendment sponsored by Sens. Jon Tester (D-Mont.) and Bob Corker (R-Tenn.) that would have protected small debit card issuers and delayed the harmful Federal Reserve proposed rule on debit interchange for one year.

"ICBA is extremely disappointed with the Senate's failure to pass critical debit interchange legislation, which would have protected the pockets of consumers and Main Street America.   It's a real kick in the teeth to local customers who rely on community banks that offer the valuable banking services they have come to expect. It is especially harmful to those millions of consumers of modest means who will now see their fees increase and may disenfranchise those who need banking services the most. If implemented without needed changes, the Durbin amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act will have devastating effects on consumers, small banks, small businesses and Main Street America. 

"ICBA will continue to work all avenues to address the flawed debit interchange law. We won't give up on Main Street, and we won't give up on a system that works for our millions of customers in small towns and cities across the nation." 

For more information about this issue or to speak with an ICBA staff expert, please contact Aleis Stokes at (202) 821-4457 or visit www.icba.org