The Durbin Amendment calls for the Federal Reserve to significantly cut interchange fees card-issuing banks and credit unions collect on debit transactions. But a new amendment tied to a small business bill could delay the Fed’s rule on debit card interchange. The bill would give the financial industry two years to evaluate the impact a reduction in debit interchange would have on consumers and the economy. Industry groups have spent months talking with financial institutions, legislators and lobbyists about the amendment. One banking/security leader says: “Durbin, as it stands today, is very poor for the payments industry””]
Source: https://www.cuinfosecurity.com/durbin-amendment-fraud-a-3579