Logo: Independent Community Bankers of America - ICBA The Nation's Voice for Community Banks (R)
Username:
Password:

Graphic: Arrow Forgot password?
Graphic: Arrow Request Login
Contact ICBA Site Map Search ICBA
ArrowICBA Home
ArrowAbout ICBA
ArrowAbout Community Banking
ArrowAdvocacy
ArrowConsumer Education & Resources
ArrowEducation
ArrowConvention
ArrowIndustry Resources
ArrowMarketing Resources
ArrowMembership
ArrowPress Room
ArrowSocial Media
ArrowMain Street MarketĀ®
ArrowPublications





Members Only = Access Restricted
Last update: 08/20/14

ICBA News Release

ICBA Independent Community Bankers of America

Media Contact
Aleis Stokes
(202) 821-4457

Media Contact
Ann Chen 
(202) 821-4346

FOR IMMEDIATE RELEASE

ICBA: Damaging Effects of Debit Card Price Controls on Consumers Should Be No Surprise to Policymakers

Washington, D.C. (September 30, 2011)— Camden R. Fine, ICBA president and CEO of the Independent Community Bankers of America (ICBA), released this statement today in advance of the Oct. 1 effective date for the Federal Reserve’s rule implementing the harmful Durbin debit card interchange price controls in the Dodd-Frank Wall Street Reform and Consumer Protection Act.

"Our nation’s more than 7,000 community banks are relationship lenders that continue to look out for the best interest of their local customers each and every day. From the onset of the ill-conceived Durbin amendment on debit interchange, ICBA and community banks in cities and towns throughout America have been at the forefront—warning policymakers that the legislation would cost consumers more, at a time when they need their money most.

"As the Oct. 1 deadline for implementing this damaging law draws near, we are seeing the harmful consequences play out as the nation’s consumers are being slapped with banking fees because they use one of the most valuable pieces of plastic in their wallets—their debit cards, which allow them to easily budget their money and conveniently pay for the things they purchase.

“Even though merchants said they would cut prices thanks to increased fee revenue received from the new debit interchange law, it’s uncertain if this extra revenue will be passed down to the consumer in the form of savings. If they do cut costs, any savings will be dwarfed by the bank fees that consumers will now pay for debit card usage.

“While many community banks aren’t charging their customers new fees yet, and many still offer free checking, community banks may find themselves having to eliminate or revamp these programs depending on payment card network and merchant implementation of the rule. It’s certainly something community banks don’t ever want to have to do, but their hands may be tied.”

For more information, visit www.icba.org.






ArrowsPrintable version



Button: Share

All contents copyright 2014 Independent Community Bankers of America. All rights reserved.
Privacy Statement | Legal Notice