Interchange Fees

Impact

The Durbin Amendment was passed as part of the Dodd-Frank Act. The Durbin Amendment required the Federal Reserve Board to promulgate rules that impose price controls on PIN/debit transactions. Credit unions and banks with assets less than $10 million are exempt from the price controls but are subject to routing and exclusivity requirements. These requirements have driven down the revenue that all credit unions receive from PIN/debit transactions. 

Where We Stand

CUNA and the Leagues, in conjunction with the Electronics Payments Coalition, are working to defeat bills prohibiting the collection of interchange fees on federal, state, and local taxes.  Legislation to repeal the Durbin Amendment was removed from the CHOICE Act in June of 2017, but CUNA and the banking trades continue to educate Congress on the harm caused by price controls and how similar price controls could harm credit card programs. 

What We've Told Lawmakers & Regulators
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