Durbin, Marshall expected to introduce NAFCU-opposed interchange legislation
Senators Dick Durbin, D-Ill., and Roger Marshall, R-Kansas, are expected to introduce legislation as soon as today in an effort to expand the “Durbin Amendment,” which was enacted in 2010 as part of the Dodd-Frank Act. The NAFCU-opposed legislation, as proposed, would expand the interchange process by creating a new credit card routing mandate, which would be a direct detriment to credit unions and their members while lining the bottom lines of big-box retailers.
Retail groups want the ability to route credit transactions to the cheapest networks – many of whom have underinvested in their platforms with little concern for security innovations – leaving the burden on consumers, small businesses, and financial institutions to clean up when things go wrong.
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