For more information, contact: Eric Skrum, Wisconsin Bankers Association, 608/441-1216, eskrum@wisbank.com
Statement from Rose Oswald Poels, president & CEO of the Wisconsin Bankers Association, on the defeat of debit interchange amendment in the U.S. Senate Wednesday:
“The Wisconsin Bankers Association (WBA), and its entire membership of nearly 300 banks, are deeply disappointed with the vote taken in the U.S. Senate Wednesday that defeated a thoughtful, bipartisan amendment which would have addressed serious concerns over the Durbin debit interchange amendment to the Dodd-Frank Act.
“The amendment, authored by Sens. Jon Tester (D-Mont.) and Bob Corker (R-Tenn.), would have modified the Durbin Interchange Rule proposed by the Federal Reserve that essentially limited debit card fees to 12 cents per transaction. The Tester provision specifically would have required four agencies – the Federal Reserve (Fed), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the National Credit Union Administration (NCUA) – to jointly study and submit a report to the Senate Banking Committee and the House Financial Services Committee not later than six months after enactment of the Act regarding the impact of regulating debit interchange transaction fees and related issues under the Durbin amendment.
“Unfortunately, because of the Senate’s failure to approve the amendment, consumers will be the ones who suffer, as banks may be forced to reduce or eliminate many free checking and debit rewards card programs in order to maintain the cost of doing business.
“WBA and Wisconsin’s bankers thank U.S. Senator Ron Johnson (R-WI) for siding with consumers in his vote in favor of the amendment.”
