Electronic Payments Coalition Statement on Final Fed Debit Card Rule: Consumers Will Pay More While Retailers Profit

WASHINGTON, June 29, 2011 /PRNewswire/ -- Today, the Federal Reserve issued its final rule on the Durbin amendment. The rule fixes the price of debit interchange at 21 cents per transaction plus an ad valorem component of 5 basis points to reflect a portion of fraud losses.

The Electronic Payments Coalition issued the following statement:

"We continue to be concerned about the impact on consumers and small financial institutions from this price fixing policy," said Trish Wexler, spokeswoman for the Electronic Payments Coalition. "We hope Congress will exercise vigorous oversight of this new policy and monitor its implementation in order to assess and minimize its negative consequences to consumers, small financial institutions and the American economy."   

The deadline for implementation of the final rule is October 1, 2011.   

About the Electronic Payments Coalition

The Electronic Payments Coalition (EPC) includes credit unions, banks, and payment card networks that move electronic payments quickly and securely between millions of merchants and millions of consumers across the globe. EPC's goal is to protect the value, innovation, convenience and competition in today's growing electronic payments system. EPC educates policymakers, consumers and the media on the system's role in economic growth, and the importance of protecting consumer choice and stability for the continued growth of global commerce.

SOURCE Electronic Payments Coalition