Marshall-Durbin Bill Would Repeat Durbin Amendment’s Problems | 2022-09-14

Meaning. Roger Marshall, R-Kan., and Dick Durbin, D-Ill. interfere with banking networks that protect financial data, benefit consumers, and enable fast and efficient transactions, wrote Brian McKay, President and CEO of Spero Financial Credit Union, Post and courier. The CUNA, the leagues and the credit unions strongly oppose Marshall and Durbin’s exchange bill.

“Proven channels are 99.999% reliable, provide unwavering defense of consumer data, and guarantee payments to retailers,” he wrote. “Every second, people are trusting banks and credit unions with millions of dollars, and today’s long-standing, reliable system is delivering on its promises. And with a range of rewards card programs, everyone has the choice of which one stretches their budget the best.

Instead, the Marshall-Durbin bill would repeat the mistakes of the Durbin Amendment cap on the debit card interchange bill that pushed payment costs onto small retailers, credit unions and consumers.

“[The bill] repeats the Durbin Amendment theme of broken promises. This invites heavy-handed intervention in efficient and effective systems to reduce the cost of processing consumer payments,” McKay wrote. “And it will certainly negatively impact payment options, curb budget-stretching rewards programs and free verification, and further disadvantage consumers and local businesses.”

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