The Durbin Amendment: More Fees for ConsumersPosted 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?
Users are solely responsible for the opinions they post here and their comments do not necessarily reflect the views of Congressman Forbes.
Post a Comment
We encourage you to analyze and comment on the posts featured on this blog, but please understand that comments which include campaign content, engage in personal attacks, or include vulgar, profane, obscene, or inappropriate language will be removed from the site. Please note that there may be a brief delay in the publication of your comment.
RECENT POSTS05/23/2013 - Question of the week: Do you believe the scope of the subpoenas strikes the proper balance between the freedom of the press and the need to protect the American people?
05/20/2013 - GSA shorts small business by over $3 million
05/20/2013 - Time to Admit China is a Military Competitor
05/17/2013 - Question of the week: Do you believe the Prevent IRS Overreach Act is a necessary step in ensuring protection for the American people?
05/16/2013 - The Unaffordable Care Act
05/15/2013 - Questioning Eric Holder on Benghazi, IRS, and Fast and Furious