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ICBA Applauds Reps. Capito and Wasserman Schultz 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 House introduction of H.R. 1081, ICBA-supported debit card interchange legislation by Reps. Shelley Moore Capito (R-W.Va.) and Debbie Wasserman Schultz (D-Fla.) that will halt the Federal Reserve’s proposed rule that would implement the Durbin amendment of the Dodd-Frank Wall Street Reform and Consumer Protection Act.  It also calls for a thorough study of all operational costs incurred by issuers—including community banks—and requires federal regulators to take additional steps to verify that consumers and community banks would not be harmed before any new rulemaking takes place.

“ICBA applauds Reps. Capito and Wasserman Schultz for introducing this pro-Main Street debit interchange legislation that will help community banks continue to serve their customers in cities and towns throughout America.  This critical and timely legislation will halt the Federal Reserve’s proposed rule on debit interchange, which will have devastating effects on Main Street community banks and their customers.  It also allows time for a much-needed, in-depth study on how the proposed Fed rule will negatively impact community banks and their customers. 

“Debit cards have become a way of life for most Americans because they are so much more convenient than carrying cash or a checkbook. However, if the Fed’s proposed rule goes into effect, bank customers who use debit cards will face higher costs and fewer options than they do today.  The Durbin amendment was misguided in the first place and this new legislation gives Congress the opportunity to right-side this proposal.

“In addition to thanking Reps. Capito and Wasserman Schultz for introducing this important legislation, we also want to thank Reps. Luetkemeyer (R-Mo.), Renacci (R-Ohio), Perlmutter (D-Colo.), Hensarling (R-Texas), Royce (R-Calif.), Canseco (R-Texas), Neugebauer (R-Texas), Bachmann (R-Minn.), Meeks (D-N.Y.), McClintock (R-Calif.), Carney (D-Del.), Gibbs (R-Ohio), Peters (D-Mich.), Herger (R-Calif.), Marchant (R-Texas), Kelly (R-Penn.), Bartlett (R-Md.), Chaffetz (R-Utah), Kissell (D-N.C.), Miller (R-Calif.), Kildee (D-Mich.), McCarthy (D-N.Y.), Polis (D-Colo.), Connelly (D-Va.), Owens (D-N.Y.) and Woolsey (D-Calif.) for their early support. 

“In the days and weeks ahead, community bankers from across the nation will be urging their members of Congress to support this critically important legislation. ICBA looks forward to working with House leaders to advance this legislation, which is critical to the health and well-being of Main Street.” 

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

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