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Fort Worth Paper Publishes Op-Ed on Repealing Durbin Amendment
Tuesday, March 7, 2017 6:55 AM

The Fort Worth Star-Telegram recently published an op-ed by John Lederer, CEO of the Credit Union of Texas, in which he calls for the repeal of the Durbin Amendment to the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.

The Durbin Amendment limited fees charged to retailers for debit card processing. Prior to the Durbin Amendment, interchange fees were unregulated.

Lederer said, "Since the implementation of Dodd-Frank and the Durbin Amendment, credit unions and community banks are spending 39 percent more on regulatory compliance for a total of $7.2 billion each year."

House Financial Services Committee Chairman Rep. Jeb Hensarling (R-Texas) has called for repeal of the amendment and last year included it in The Financial Choice Act.

Read the full text of Lederer’s column here.

For more information, please contact Texas Credit Union Association President Jeff Huffman at 469-385-6488 or jhuffman@txcua.coop.