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The Durbin Amendment: More Fees for Consumers
Posted by Randy | September 30, 2011

On Saturday, a new bank regulation known as the Durbin Amendment takes effect across the country. The regulation caps the fees that banks can collect from merchants when customers use their debit cards. However, because of this cap in fees, banks are making up the money they are losing by increasing costs somewhere else. Many are doing so in the form of fees for customers when they use their debit cards. For example, some bank customers will be charged $3, $4, or $5 a month to use their debit cards.

 

The Durbin Amendment was passed as a part of the Dodd-Frank Financial and Consumer Protection Act that was signed into law in 2010, which I voted against. One of my concerns with this bill, along with other burdensome federal regulations coming out of Washington, is the increased costs it would create for individual citizens and businesses.  Excessive regulations directly affect pocketbooks, jobs, and business growth.

 

This is why I have made it a priority to reverse the regulatory trend in Washington. You can read about that work here, including the Regulations from the Executive in Need of Scrutiny (REINS) Act, which I have cosponsored, that would restore a system of checks and balances to federal regulations.

 

Weigh in: will the new regulations brought on by the Durbin Amendment affect your family? How are other federal regulations affecting you?
Comments
Users are solely responsible for the opinions they post here and their comments do not necessarily reflect the views of Congressman Forbes.
  • Thomas G commented on 10/3/2011
    This is exactly why the country has become so disgusted with you congressman Forbes, you voted AGAINST the middle class and for perpetuating irresponsible tax policy that has pushed millions into poverty while protecting millionaires and billionaires and turning a blind eye to the very abuses the financial industry resorted to bring the country to its knees. Come on Mr. Forbes, this ridiculous tactic pelting us with debit card misdeeds to hide other bank abuses from your constituency is appalling. The public is not impressed when you visit a food bank on one day and later go to Rolls Royce while publically conveying that you will not support even a 1 penny increase in the tax on millionaires and billionaires. Your message to your constituency should have been...here is a list of key provisions of the Dodd-Frank legislation I OPPOSED. Somehow I do not think you want your constituents to know those details.
  • Thomas G commented on 10/4/2011
    I'll withdraw my money also...but not just from banks, I will funnel some of it to defeat incumbents who refuse to raise taxes on millionaires and billionaires...CAN YOU HEAR ME NOW?
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