Fee change won’t help consumers, banks

posted by
March 30, 2011
Competitive Enterprise Institute
by John Berlau  
Posted in Commentary

"The editorial 'Side-swiped' (March 24) defends U.S. Sen. Dick Durbin's amendment that put price controls on what banks and credit unions can charge retailers for processing debit cards and claimed that 'nobody is arguing against the right for banks to make a reasonable profit.' The amendment, passed last year as part of the Dodd-Frank financial overhaul, outlaws profits that banks and credit unions can make from merchant interchange fees, and it forces them to price the fees below the cost of maintaining the debit card payment system." (03/30/11)


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