The Electronic Payments Coalition (EPC) has launched a new national campaign marking the 14th anniversary of the Durbin Amendment. The initiative, called “The Ghostly Impact of Durbin’s Debit Mandates on Your Wallet,” draws attention to what EPC describes as negative consequences resulting from the amendment, which imposed price controls and routing mandates on debit cards.
EPC's campaign warns that similar legislation, such as the Durbin-Marshall Credit Card Mandates previously introduced by Senators Dick Durbin and Roger Marshall, could lead to similar outcomes for credit card users. The group argues that these measures would harm consumers and small businesses by increasing costs, reducing access to free checking accounts, increasing data security risks, and eliminating debit card rewards.
“Washington and mega-store lobbyists promised the Durbin Amendment would help Americans. Instead, it drove prices higher, stripped away free checking, and weakened debit card security,” said EPC Executive Chairman Richard Hunt. “Now those same mega-stores are peddling the same stale talking points in an attempt to pass a political takeover of your credit card. The Durbin Amendment serves as a cautionary tale about the Durbin-Marshall Credit Card Mandates.”
The EPC contends that supporting investment in new technologies and establishing national data security standards would better strengthen the payment system.