Debit Fee Reform and an “Unexpected Curveball”

New York Times, May 14, 2010 .“Cut Is a Rare Loss for Big Banks.” By BINYAMIN APPELBAUM Consumers also could save money.

Senator Dick Durbin introduced an Amendment to the current U.S. Senate economic bill to reform debit fees limiting prices issued to banks.  However, Republican leaders insisted that the amendment had to pass with no fewer than 60 votes; “Mr. Durbin described (this) as an unexpected curveball.”

The Durban amendment was changed by the Senate to limiting the “new price controls to cards issued only by the very largest banks, those with at least $10 billion in assets.  As a result, the pricing controls will affect only about 65 percent of debit card transactions, staff members said.”

“the Senate passed the Dick Durbin Amendment to reform Debit fees with a whopping 64 votes. … Sat May 15, 2010 at 16:05:27 PM CDT. h/t Media Matters…It passed: the “retail trade groups said they knew what they needed to win.”

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