Electronic Payments Coalition Statement on TCF Bank Lawsuit Challenging Durbin Amendment

Oct 12, 2010, 17:30 ET from Electronic Payments Coalition

WASHINGTON, Oct. 12 /PRNewswire/ -- From the very beginning, the interchange battle has been a blatant attempt by giant retailers to take advantage of an unstable economic and political environment to increase their own profits at the expense of their customers.  Unfortunately, it is the millions of American debit cardholders who will bear the brunt of the retailers' windfall that will be realized by the Durbin amendment as written in the Dodd-Frank Act.  The lawsuit filed today underscores this, and rightly notes that this issue was a political one, rushed through without a single hearing, study or congressional review of its economic impact. 

About Electronic Payments Coalition

The Electronic Payments Coalition is dedicated to protecting consumer value, choice, and competition in electronic payments systems. The coalition is a broad-based group of payment card networks, financial services companies, and financial services trade associations whose primary goal is to educate policy-makers, consumers, and the media about the value of electronic payments systems — including economic growth, convenience, speed, reliability, and security — and to ensure the continued growth of global commerce by promoting consumer choice and the stability of the vast payment networks that connect millions of consumers with millions of retailers each and every day.

SOURCE Electronic Payments Coalition