WASHINGTON, DC (April 30, 2021) — The National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger issued the following statement in response to merchants suing the Federal Reserve on the Durbin Amendment:
“It is time for proponents of the Durbin Amendment to recognize the failure of the policy,” said NAFCU President and CEO Dan Berger. “When Congress debated the amendment, supporters promised consumers would see billions of dollars in savings via lower prices through a government-sponsored price control on interchange fees.”
“Those savings have yet to materialize for consumers nearly 10 years after the Durbin Amendment went into effect. Instead, retailers and merchants have filled their own coffers. And, today, they are trying to expand this failed policy for their own financial gain at a time when policymakers should be abandoning it.”
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
