According to officials in the banking industry, Congress has made things so difficult for the industry to keep its debit card services afloat, consumers are now paying the price.
The Dodd-Frank Act became law in July 2010, and included an amendment by Sen. Dick Durbin (D-Ill.) entitled the Durbin Amendment, said Spokesman David Oliver, of the Georgia Bankers Association. The amendment requires the Federal Reserve System to set a fixed maximum rate for each debit card transaction, for large banks and card users.
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