A Durbin spokesperson, in an e-mail, chalked concerns from small banks and credit unions up to scare tactics and using straw men because the facts aren’t on the side of the banks and credit unions.
“The simple fact is this: our amendment does not set interchange rates and it does not eliminate them. It does ask the Fed to determine if the fees are ‘reasonable and proportional’ to the cost of processing transactions,” the spokesperson said. “If they are, the fees remain the same. If Visa and MasterCard think our amendment will lower their rates, they must share our concern that the current fee structure is arbitrary, inflated and in no way related to the actual cost of doing business.”
Card shuffle Small banks, credit unions battle debit #swipefees changes – Fort Worth Business Press