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Durbin Amendment

Bank of America's Backtrack on Fees Is Proof Debit Reform Is Working

Douglas Kantor | Posted 02.26.2013 | Business
Douglas Kantor

Bank of America's recent decision to back down on new checking fees next year is further proof debit card swipe fee reform has resulted in greater marketplace competition benefitting consumers.

Parkmobile Apologizes For Durbin Accusation

The Huffington Post | Arin Greenwood | Posted 11.01.2012 | DC

WASHINGTON -- There's been a whole lot of gnashing of teeth over 13 cents. Parkmobile, the company in charge of mobile parking payments in D.C., is...

Prepaids Aren't Just For The Poor...

SmartMoney | CHARLES PASSY | Posted 08.22.2012 | Money

SmartMoney: Is the prepaid debit card moving upmarket? In recent months, major financial institutions such as American Express and J.P. Morgan C...

At One Store, Financial Regulation Leads To Lower Prices

The Huffington Post | Bonnie Kavoussi | Posted 06.14.2012 | Business

At one store, financial regulation is helping customers in a demonstrable way. Home Depot has lowered the prices of more than 3,000 products after ...

Loren Berlin

Why You Could Soon Be Getting A Discount At The Pump | Loren Berlin | Posted 04.17.2012 | Money

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...

Catherine New

Cash Is Still The Most Popular Way to Pay for Most Americans: Report | Catherine New | Posted 01.24.2012 | Business

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...

Catherine New

Charge! Hungry For Fees, Banks Aggressively Push Plastic | Catherine New | Posted 12.09.2011 | Business

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...

Ryan Grim

Wells Fargo Jacks Fees Despite Record Profit | Ryan Grim | Posted 12.19.2011 | Politics

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...

Debit Fees: Someone Has to Pay the Piper

Justine Rivero | Posted 12.11.2011 | Business
Justine Rivero

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.

Bank of America, Adam Smith and a Fee Market System

Adam Levin | Posted 12.09.2011 | Business
Adam Levin

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.

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

Patrice Peyret | Posted 08.30.2011 | Business
Patrice Peyret

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...

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

Posted 08.29.2011 | Business

(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...

Ryan Grim

Key Senate Vote To Test Wall Street Power | Ryan Grim | Posted 08.07.2011 | Politics

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 ...

Against Their Own Interests

Mike Lux | Posted 08.03.2011 | Business
Mike Lux

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.

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

The New York Times | Simon Johnson | Posted 07.12.2011 | Business

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

That Old 'Which Side Are You On?' Thing

Mike Lux | Posted 06.20.2011 | Politics
Mike Lux

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.

Simon Johnson: Big Banks Have a Powerful New Opponent | SIMON JOHNSON | Posted 06.07.2011 | Business

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

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

The Huffington Post | Lila Shapiro | Posted 06.06.2011 | Business

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

Wall Street Banks: Making Enemies Everywhere

Mike Lux | Posted 05.29.2011 | Business
Mike Lux

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....

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

Richard (RJ) Eskow | Posted 05.25.2011 | Business
Richard (RJ) Eskow

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.

Bankers' Holiday

Mike Lux | Posted 05.25.2011 | Business
Mike Lux

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.

As Predicted, Debit Fees Are Climbing

Tim Chen | Posted 05.25.2011 | Business
Tim Chen

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.

We Will All Have to Pay for Financial Reform

Tim Chen | Posted 05.25.2011 | Business
Tim Chen

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.

Democrats, Don't Do This to the Poor!

Russell Simmons | Posted 05.25.2011 | Politics
Russell Simmons

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.

Laura Bassett and Ryan Grim

Big Banks Spend Millions On 'Information War' To Stop Swipe Fee Reform | Laura Bassett and Ryan Grim | Posted 05.25.2011 | Business

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...