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Contact:
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Robert Schmermund
(202) 857-3104
Jim Eberle
(202) 857-3145
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Jim Eberle
(202) 857-3145 (work)
(703) 893-2593 (home)
[email protected]
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For Immediate Release
July 19, 2006
#06-42 |
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E-mail:
[email protected] |
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ACB OPPOSES GOVERNMENT REGULATION OF CREDIT/DEBIT CARDS
WASHINGTON, D.C. — America’s Community Bankers opposes government regulation of credit/debit cards’ interchange fees. ACB said price controls could result in such unintended consequences as higher annual fees and interest rates to cardholders, and reduced services.
ACB expressed its views as the Senate Judiciary Committee conducted a hearing today on credit/debit card interchange policies.
ACB believes that the existing free-market relationship between credit/debit card companies and merchants is best for all parties, including consumers. ACB said evidence has shown it is unlikely that price controls on interchange fees would result in savings that could be passed on to consumers.
The current interchange fees, ACB said, are a small price to pay for an efficient electronic payment network that benefits both retailers through higher sales and consumers through greater convenience and payment flexibility.
America’s Community Bankers is the national trade association committed to shaping the future of
banking by being the innovative industry leader strengthening the competitive position of
community banks. To learn more about ACB, visit
www.AmericasCommunityBankers.com.
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America’s Community Bankers
900 Nineteenth Street, NW, Suite 400,Washington, D.C. 20006
phone 202-857-3100 | fax 202-296-8716 | [email protected]
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