NAFCU President and CEO Dan Berger urged the House Financial Services Committee to approve the repeal of the Dodd-Frank Act’s Durbin amendment, as provided in the “Financial CHOICE Act,” in a Morning Consult editorial published in advance of Tuesday’s “CHOICE Act” mark-up.
The “Financial CHOICE Act” (H.R. 5983) was cleared by the panel on a vote of 30-26, with the repeal provision intact. The bill awaits House action.
“This amendment, which set price controls on debit interchange fees for some financial institutions, was added to the Dodd-Frank Act during conference committee at the behest of big-box retailers,” Berger wrote. “These interests pledged the provision wouldn’t affect ‘exempt’ entities — under the Act, those with holdings less than $10 billion. We knew that promise would be impossible to keep.”continue reading »