ARLINGTON, Va.—NAFCU is urging credit union representatives to contact their lawmakers and push for the repeal of the Dodd-Frank Act’s Durbin Amendment, as proposed in a discussion draft from House Financial Services Committee Chairman Jeb Hensarling (R-TX).
The Durbin Amendment required the Federal Reserve to cap debit interchange fees charged by financial institutions with $10 billion or more in assets.
NAFCU Vice President of Legislative Affairs Brad Thaler sent the message to credit unions that have a presence in key districts of House Financial Services Committee members.
“It is imperative that these members hear from their local credit unions during the August recess on the importance of repealing the Durbin Amendment to counter the merchant message that they are hearing,” Thaler wrote. “We encourage you and the leadership of your credit union to meet with these members while they are back home in-district this month.”
Thaler outlined that the Durbin Amendment has failed to produce any savings for consumers and that its exemption for smaller institutions does not work. He encouraged these credit union representatives to visit NAFCU’s Grassroots Action Center to gather contact information for their members of Congress.
In July, the House Financial Services Committee held a hearing on Hensarling’s discussion draft, the “Financial CHOICE Act.” Thaler, in a letter to Hensarling, thanked him for his leadership on providing relief to credit unions and expressed NAFCU’s strong support for the proposed repeal of the Dodd-Frank Act’s Durbin Amendment.