Senate passes industry-opposed interchange amendment
Considering financial reform legislation, the U.S. Senate approved an amendment offered by Sen. Richard Durbin (D-Ill.) to restrict interchange rates on debit cards. The amendment, considered a serious blow to community banks, would permit retailers to discourage consumers from using the credit or debit cards of their choice, and set undefined minimum and maximum purchase amounts for card use. Although the amendment contains an exemption from the Fed’s price-setting provision for financial institutions under $10 billion in assets, the measure’s negative consequences . . .
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