Berger to credit unions: ‘Time to act is now’ on Durbin repeal

NAFCU President and CEO Dan Berger urged NAFCU members to reach out their lawmakers and push them to support the repeal of the Durbin debit interchange amendment in a message Thursday.

The 2017 “Financial CHOICE Act,” which could be introduced in the coming weeks, is expected to include a provision to repeal the amendment, which was included as a late addition to the 2010 Dodd-Frank Act.

“As you know, NAFCU continues to push for repeal of the failed Durbin debit interchange amendment and to fight against any efforts to expand interchange price caps to credit cards,” Berger said. “Now, we need your help.”

Berger explained that the merchant community has made keeping the Durbin amendment intact as their No. 1 target, and they are lobbying the Hill to drop the repeal from the bill.

The Electronic Payments Coalition, of which NAFCU is a member, sent a video to all House and Senate offices Tuesday that urges repeal of the Durbin amendment, noting consumers have yet to see promised savings as retailers have pocketed $42 billion since its passage. Berger encouraged NAFCU members to watch the video and learn how the amendment has failed.


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