Today the Senate voted not too delay the "Durbin Amendment" for a year. The caps on debit card interchange fees that banks charge are scheduled to go into effect this July. These fees represent a lot of revenue to big banks and will likely hurt their stock prices while they scramble to figure out how to recoup the revenue loss with new fees. Smaller banks and credit unions (under 10B) are excluded.
OLBB (Online Banking Blog) has been following and blogging about this issue for some time because it will have a big impact on big banks and payment systems. Whenever you legislate change like this there will be a lot happening from all sides including big banks, community banks, the merchants who benefit and the consumer who will be affected but doesn't really know it yet.
We will continue to follow and provide updates on this.
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