WASHINGTON–The credit union trade groups are expressing disappointment over the news that language repealing the Durbin Amendment would be stripped out of the Financial CHOICE Act.
Repealing the cap on card swipe fees has been a credit union legislative priority since it was enacted in 2010.
“While we are disappointed that the Durbin repeal language was removed, it is important to keep in mind that there are a number of provisions in the CHOICE Act that would provide relief to credit unions, and that is the ultimate goal of our Campaign for Common-Sense Regulation,” said CUNA CEO Jim Nussle. “While the CHOICE Act did not represent the right opportunity to address our concerns with the Durbin language, we will continue to urge Congress to consider whether government-imposed price controls on the payments system—or any transaction, including retail transactions—are appropriate. We look forward to the House considering the CHOICE Act and to future Senate consideration of legislation that would provide meaningful regulatory relief for credit unions.”
NAFCU VP of Legislative Affairs Brad Thaler issued a statement saying, “The CHOICE Act contains numerous regulatory relief provisions and NAFCU is continuing to work to ensure relief for credit unions.”
NAFCU said it is urging credit unions to engage in advocacy while lawmakers are in home states and districts over the coming recess.
As CUToday.info was first to report here, the nation’s retailers had launched an aggressive lobbying effort to have the language stripped from the bill and are hailing the decision.