The Durbin amendment to Dodd-Frank Wall Street Reform and Consumer Protection Act calls for the Federal Reserve to significantly cut interchange fees card-issuing banks and credit unions collect on debit transactions. Nine banking associations suggest the Fed increase the fraud-prevention fee incentive from 1 cent to somewhere between 4 cents and 5 cents. Community bank and credit union leaders say it’s only a matter of time before the interchange fee cap overshadows all card issuers. Industry pundits say the new interchange structure is set up to force banks to lose money.”]
Source: https://www.fraudtoday.io/banks-seek-reprieve-from-durbin-a-4166