ABA Disappointed by Changes to Interchange Amendment

Washington, DC. – The American Bankers Association is very disappointed in the offer made by the House conferees on the interchange amendment to the financial regulatory reform bill.

According to Edward L. Yingling, ABA president and CEO, “Despite some improvements, this provision remains a terrible deal for consumers, for lower income bank customers, for government benefits programs, and for community banks. The harm is real – consumers will see higher costs, basic banking accounts in low-income communities will either be eliminated or involve higher prices, and government programs will cost taxpayers more money, all for the purpose of increasing merchant profits. It upends the existing payment system – a system that provides enormous value for consumers, merchants and banks alike – and essentially takes money out of consumers’ pockets and puts it in the pockets of big retailers.

“The amendment will have a dramatic impact on things many of us take for granted and the so-called ‘carve-outs’ contained within it simply will not work.

“We urge Senate conferees to reject this unworkable offer.”

About ABA
The American Bankers Association represents banks of all sizes and charters and is the voice for the nation’s $13 trillion banking industry and its two million employees. The majority of ABA’s members are banks with less than $165 million in assets. Learn more at www.aba.com

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