FOR IMMEDIATE RELEASE
ICBA Thanks Sens. Tester and Corker for Introducing Pro-Main Street Interchange Legislation
Urges community bankers to express support for this critical measure
Washington, D.C. (March 15, 2011)-Camden R. Fine, president and CEO of the Independent Community Bankers of America (ICBA), released this statement following the Senate's introduction of S.575, debit card interchange legislation by Sens. Jon Tester (D-Mont.) and Bob Corker (R-Tenn.) that would halt the Federal Reserve's proposed rule to implement the Durbin amendment of the Dodd-Frank Wall Street Reform and Consumer Protection Act and call for a thorough examination by banking regulators of the impact of potential debit interchange regulation.
"ICBA thanks Sens. Tester and Corker for introducing pro-Main Street legislation that will help community bank customers in cities and towns throughout America. This legislation is a step in the right direction because it will stop the Federal Reserve's proposed rule on debit card interchange, and allow for a much-needed, thoughtful and in-depth study that will include input from community banks-something that didn't happen with the Fed's first study-to determine how the proposed Fed rule will impact community banks and their customers.
"ICBA has said time and time again that the community bank exemption will not work and if the proposed Fed rule goes into effect, consumers who use debit cards will face higher costs and increased restrictions. Even FDIC Chairman Sheila Bair, Fed Chairman Ben Bernanke and Acting Comptroller of the Currency John Walsh have said that the exemption for community banks won't work in the marketplace.
"In addition to thanking Sens. Tester and Corker for introducing this important legislation, ICBA also thanks Sens. Thomas Carper (D-Del.), Christopher Coons (D-Del.), Ben Nelson (D-Neb.), Pat Toomey (R-Pa.), Jon Kyl (R-Ariz.), Mike Lee (R-Utah), Pat Roberts (R-Kan.) and John Thune (R-S.D.) for their early support.
"In the coming weeks, community bankers from across the nation will be urging their senators to support this critically important legislation. ICBA urges the Senate to quickly pass this legislation, which is critical to the health and well-being of Main Street."
For more information about this issue, the ICBA survey or to speak with an ICBA staff expert, please contact Aleis Stokes at (202) 821-4457 or visit http://www.icba.org/.