FOR IMMEDIATE RELEASE
ICBA Supports Legislation to Repeal the Harmful Durbin Regulation
ICBA thanks Reps. Chaffetz and Owens for introducing critical legislation that protects Main Street
Washington, D.C. (October 12, 2011)—Sal Marranca, Independent Community Bankers of America (ICBA) chairman and president and CEO of Cattaraugus County Bank, Little Valley, N.Y., and Camden R. Fine, ICBA president and CEO, released this statement today following the bipartisan introduction of legislation, the Consumer Debit Card Protection Act, H.R. 3156, by Reps. Jason Chaffetz (R-Utah) and Bill Owens (D-N.Y.) to repeal the harmful Durbin debit card interchange price controls in the Dodd-Frank Wall Street Reform and Consumer Protection Act.
“From the onset of the ill-conceived Durbin amendment, ICBA warned policymakers about the negative impacts Main Street America would face in the post-Durbin era. Now that these harmful consequences are being realized, policymakers should see once and for all that it’s consumers who are being hurt in all of this, as they are slapped with banking fees on products that they used to enjoy for free— at exactly the time when they need their money the most.
“If this vital legislation is enacted, it will put to rest the long-held belief amongst community banks and many of the governors on the Federal Reserve Board that, over time, the exemption for community banks will not work in the marketplace. After all, a business model in which community bank debit cards cost four to five times more to accept than large bank debit cards is simply not sustainable. This lopsided pricing between regulated and unregulated cards will put community banks and their customers at a severe disadvantage over time.
“ICBA and its nearly 5,000 community bank members applaud Reps. Chaffetz and Owens for standing up for America’s consumers and introducing this critical bipartisan legislation, which will repeal the harmful Durbin amendment and the Federal Reserve’s implementing regulations. ICBA supports this legislation and will work hard to ensure its passage for the benefit of Main Street America.”
For more information, visit www.icba.org.