Media Contact: Karen Klugh
American Financial Services Association (AFSA) Statement
on Introduction of Legislation to Repeal the Durbin Amendment
By Chris Stinebert, AFSA President & CEO
October 13, 2011
“AFSA applauds Congressmen Jason Chaffetz (R-UT) and Bill Owens (D-NY) on their bi-partisan bill (HR 3156) to repeal the Durbin amendment.
Consumers are the big losers in the battle over debit interchange fees. Government-imposed price-controls circumvent market mechanisms, and are already producing higher costs and reduced benefits to consumers.
As we saw in Australia, government intervention in debit interchange is creating unintended consequences, ultimately resulting in a more expensive payments system without delivering lower prices at the point of sale.”
Based in Washington, D.C., AFSA (www.afsaonline.org) is the national trade association for the consumer credit industry, protecting access to credit and consumer choice. Its 350 members include consumer and commercial finance companies, auto finance/leasing companies, mortgage lenders, credit card issuers, industrial banks and industry partners.
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AFSA Statement on Introduction of Legislation to Repeal Durbin Amendment