Last fall, the House Financial Services Committee passed a Financial CHOICE Act that repealed harmful Dodd-Frank Act price controls. That provision would have benefited consumers and small businesses and strengthened small banks and credit unions. Durbin amendment supporters argued small banks and credit unions wouldn’t be harmed by the price controls because institutions with less than $10 billion in assets were exempt. We now have a number of studies that demonstrate just what a failure the Durbin amendment has been. Durbin supporters argued that their bottom-line-padding wouldn’t hurt community banks and credit unions since most were exempt from the price caps.

Source: Forbes February 07, 2017 15:48 UTC