Sen. Dick Durbin, D-Ill., is in another sparring session with the American Bankers Association and asks the organization to “cut to the chase” regarding the motivations behind the organization’s criticisms of the interchange reform law that Congress enacted last year.
The association told Durbin in a letter that its members are concerned about the Federal Reserve’s draft interchange rulemaking and that Congress should submit the Fed’s proposed rule to further study before taking action.
“However, the interchange ‘Position Statement’ currently on the American Bankers Association’s website makes clear that your association opposes any effort by state or federal governments to regulate interchange rates,” Durbin wrote in a response.
Durbin believes the association’s plea to have Congress continue to study interchange reform is an effort to “to prevent regulation from ever occurring.”
Durbin goes on to reiterate that interchange reform is necessary.
“Reasonable regulation of the interchange fee system is supported by a broad and diverse array of consumer, business, university, labor and community groups,” Durbin wrote.
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