Durbin Amendment

Why You Could Soon Be Getting A Discount At The Pump

HuffingtonPost.com | Loren Berlin | Posted 04.17.2012

Read More: Fuel, High Gas Prices, Gas Prices, Gas Discounts, Discounts, Durbin Amendment, Interchange Fees, Debit Card Discounts, Fuel Prices, Debit Cards, Debit Card Fees, Money News

On Tuesday, President Barack Obama will ask Congress to get tougher with speculators who are increasing the cost of gasoline by gambling on future oil...

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Cash Is Still The Most Popular Way to Pay for Most Americans: Report

HuffingtonPost.com | Catherine New | Posted 01.24.2012

Read More: Debt, Payments, Pay, Dodd-Frank, Money, Durbin Amendment, Green-Money-Saving-Tips, Hard Currency, Atm, Credit Cards, Wallet, Debit Cards, Cash, Business News

When it's time to pay for small, everyday items, cash is still king. More than three-quarters, or 79 percent, of consumers said they made a cash p...

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Charge! Hungry For Fees, Banks Aggressively Push Plastic

HuffingtonPost.com | Catherine New | Posted 12.09.2011

Read More: American Express, Mastercard, Loyalty-Reward-Card, Charge Card, Visa, Dodd-Frank, Financial Reform Law, Durbin Amendment, Charging, Plastic, Swipe Fees, Credit Cards, Credit Card Promotions, Debit Cards, Business News

As tighter federal regulations have been placed on debit cards, credit cards have come back with a vengeance. Banks have spent the past year pushing c...

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Wells Fargo Jacks Fees Despite Record Profit

HuffingtonPost.com | Ryan Grim | Posted 12.19.2011

Read More: Video, Swipe Fees, Durbin Amendment, Wells Fargo, Dick Durbin, Debit Fee, Politics News

Just days after Wells Fargo announced a $4 billion profit over the past three months, Sen. Dick Durbin (D-Ill.) has asked the bank why it feels forced...

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Debit Fees: Someone Has to Pay the Piper

Justine Rivero | Posted 12.11.2011

Read More: Bank of America, Business, Debit Cards, Durbin Amendment, Credit Card Industry, Debit Card Fees, Bank of America Debit Card Fees, Business News

The lesson here is that there is no free ride, not after years of bad banking practices, lack of regulation and consumer protections, and our own financial excesses.

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Bank of America, Adam Smith and a Fee Market System

Adam Levin | Posted 12.09.2011

Read More: Interest Rates, Bank Fees, Dodd-Frank, Durbin Amendment, Dick Durbin, Bank of America, Interchange Fees, Overdraft Fees, Bofa, Debit Cards, Debit Card Fees, Barack Obama, Credit Card Fees, Business News

In keeping with the new Durbin-inspired trend of candor and brevity, Bank of America CEO Brian Moynihan justified the new fee by saying, "we have the right to make a profit." Translation: I think they need the dough.

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June 29 Marks a New Day for Retailers, and Possibly Consumers Too

Patrice Peyret | Posted 08.30.2011

Read More: Interchange Fees, Federal Reserve, Debit Cards, Debit Card Interchange, Durbin Amendment, Prepaid Cards, Business News

The Federal Reserve today issued the final rules on the Durbin Amendment, and it's an ultimate win for retailers, although I predict some battles to c...

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Federal Reserve Poised To Set Higher-Than-Expected Cap On Swipe Fees

Posted 08.29.2011

Read More: Bank Lobbying Swipe Fees, High Swipe Fees, Fed Swipe Fees, Swipe Fees, Durbin Amendment, Federal Reserve Swipe Fees, Financial Reform, Business News

(AP) WASHINGTON — The Federal Reserve said Wednesday that banks can only charge retailers 21 cents each time they swipe a debit card. The board r...

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Key Senate Vote To Test Wall Street Power

HuffingtonPost.com | Ryan Grim | Posted 08.07.2011

Read More: 112th Congress, Interchange, Swipe Fee Fight, Swipe Fees, Senate, Durbin Amendment, Debit Card Fees, Politics News

WASHINGTON -- The debit card battle that has engulfed lobbyists and lawmakers in the nation's capital all year will come to a head on Wednesday, with ...

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Against Their Own Interests

Mike Lux | Posted 08.03.2011

Read More: Interchange Fees, Swipe Fees, Wall Street, Durbin Amendment, Credit Unions, Swipe Fee Regulation, Swipe Fee Battle, Community Banks, Business News

It's unfortunate that some community bankers have gotten caught up on the wrong side of this battle, but the bottom line couldn't be clearer. Swipe fee regulation is a straightforward fight between Main Street and Wall Street.

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Simon Johnson: Why Would Small Banks Oppose Debit-Card Reform?

The New York Times | Simon Johnson | Posted 07.12.2011

Read More: Democrat, Debit Fees, Icba, Durbin Amendment, Dick Durbin, Independent Community Bankers of America, Jon Tester, Debit Cards, Small Banks, Dodd Frank, Business News

It’s not hard to understand why large banks oppose any attempt to overhaul the financial arrangements currently surrounding credit cards and debit c...

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That Old 'Which Side Are You On?' Thing

Mike Lux | Posted 06.20.2011

Read More: Durbin Amendment, Middle Class, Interchange Fees, Swipe Fees, Medicaid, Jon Tester, Progressive Movement, Medicare, Republican Party, Paul Ryan Budget, Election 2012, Politics News

Because Republicans want to destroy -- just utterly destroy -- unions, Medicare and Medicaid, the progressive movement and vast majority of the Democratic Party are on the same side. And it is a great feeling.

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Simon Johnson: Big Banks Have a Powerful New Opponent

nytimes.com | SIMON JOHNSON | Posted 06.07.2011

Read More: Dodd-Frank, Swipe Fee, Durbin Amendment, Financial Reform, Too Big to Fail, Interchange Fee, Barney Frank, American Family Voices, Simon Johnson, Big Banks, Business News

As a lobbying group, the largest American banks have been dominant throughout the latest boom-bust-bailout cycle -- capturing the hearts and minds of ...

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Rep. Barney Frank Pledges To Revise Dodd-Frank's 'Swipe Fee' Provision

The Huffington Post | Lila Shapiro | Posted 06.06.2011

Read More: Swipe Fees, Credit Cards, Dodd-Frank Financial Overhaul, Durbin Amendment, Economy, Dodd-Frank Bill, Barney Frank, Business News

The banking industry breathed a sigh of relief when the implementation of a key provision of the Dodd-Frank financial reform package was delayed. ...

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Wall Street Banks: Making Enemies Everywhere

Mike Lux | Posted 05.29.2011

Read More: Interchange Fees, Durbin Amendment, American Family Voices, Big Banks, Wall Street, Financial Reform, Business News

In a post a few days back, I observed that the big Wall Street banks were in for a fall because they had become so arrogant in their power and wealth....

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Debit Card Sharps: The Fight Over Wall Street's 'Invisible Tax'

Richard (RJ) Eskow | Posted 05.25.2011

Read More: Debit Card Fees, Nea, Ben Nelson, National Education Association, Durbin Amendment, Dick Durbin, Electronic Payment Coalition, Jamie Dimon, CARD Alliance, Naacp, Business News

Think of the debit fee as an invisible, federal sales tax on everything you buy with a card -- except that you never got to vote on it and may not have even known it existed before it came up in the debate over bank reform.

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Bankers' Holiday

Mike Lux | Posted 05.25.2011

Read More: Interchange Fees, Small Business, Wisconsin, Populism, Republican Party, Big Banks, Durbin Amendment, Business News

The ideologues who want no check whatsoever on the power of big business have declared war on the middle class. But these attacks on the things we hold dear are putting the "movement" back in the labor movement.

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As Predicted, Debit Fees Are Climbing

Tim Chen | Posted 05.25.2011

Read More: Regulation, Overdraft Fees, Bank Accounts, Debit Card Fees, Credit Card Fees, Durbin Amendment, Business News

Banks all over the country have already started adding new fees to services that most of us have long taken for granted as free. Their first target? Debit cards.

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We Will All Have to Pay for Financial Reform

Tim Chen | Posted 05.25.2011

Read More: Overdraft Fees, Banks, Free Checking, Credit Cards, Financial Reform, Financial Regulation, Durbin Amendment, Business News

When rallying for financial reform, we have to remember that every action has an equal and opposite reaction when you start threatening the profits of competitive industries.

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Democrats, Don't Do This to the Poor!

Russell Simmons | Posted 05.25.2011

Read More: Credit Cards, Debit Cards, Financial Reform, Russell Simmons, Durbin Amendment, Politics News

No one has yet been able to tell me how Sen. Durbin's amendment will keep the under-served from being hurt by higher fees for the very basic service that debit cards provide.

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Big Banks Spend Millions On 'Information War' To Stop Swipe Fee Reform

HuffingtonPost.com | Laura Bassett and Ryan Grim | Posted 05.25.2011

Read More: Credit Card Reform, Credit-Card-Swipe-Fees, Durbin Amendment, Swipe Fee Reform, Swipe Fee, Wall Street Reform, Business News

Visa, MasterCard and the big banks that took taxpayer bailouts have spent over $50 million in lobbying fees this Congress in a last-ditch effort to st...

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Senator Durbin: Don't Dump on the Poor And Call It Rain

Russell Simmons | Posted 05.25.2011

Read More: Credit Card, Senator Richard Durbin, Debit Card, Financial Reform, Durbin Amendment, Russell Simmons, Politics News

I am extremely concerned about the potential impact that the "Durbin Amendment" will have on the ability of community banks and credit unions to provide card services at affordable rates to poor Americans.

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