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ICBA and other groups called on the Federal Reserve Board to reconsider its proposal to reopen regulations governing debit card interchange fees and routing.
Letter: In a joint letter, the trade groups said that while debit cards provide convenient access to deposits, the Durbin Amendment has distorted the debit card and consumer checking markets to the detriment of community financial institutions and consumers.
Merchant Push: The groups said the Fed should resist requests from retailers to make further changes, which would only increase the regulatory burden associated with the Durbin Amendment, further distort the market, and reallocate wealth to the largest merchants.
Fed Proposal: The Fed last year invited public comment on proposed changes that would clarify that debit card issuers should enable, and allow merchants to choose from, at least two unaffiliated networks for card-not-present debit card transactions, such as online purchases.
Background: In issuing the proposal, the Fed said two unaffiliated networks are often not available to process card-not-present debit card transactions because some issuers do not enable them, which prevents merchants from having a choice between competing networks when routing such transactions.