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WASHINGTON, D.C. — NACS, the Association for Convenience & Fuel Retailing, has joined with fellow retail trade associations in an effort to protect debit reforms included in the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.
NACS and more than 140 national and state associations signed a letter reiterating their support, which was sent to House Financial Services Chairman Jeb Hensarling (R-Texas) and Ranking Member Maxine Waters (D-Calif.).
It also urged the legislators to support these reforms and oppose any efforts that could weaken or repeal them.
"The debit reforms contained in Dodd-Frank, also referred to as the 'Durbin Amendment,' brought the first piece of competition and transparency into a market that was historically void of it. The reforms in the law have benefited American consumers, merchants, small financial institutions, and the economy as a whole," stated the letter.
Since the passage of the Durbin Amendment, small banks, which were exempt from reforms, have benefited from the reforms. Free checking has not been reduced as banks have suggested, but rather has increased, according to NACS.
In addition, according to the association, retailers have passed savings onto consumers. For these reasons, retail associations are offering to work with the House Financial Services Committee to protect debit reforms.
It has been reported that Hensarling is developing legislation to repeal the Dodd-Frank Act, although it's not clear whether that legislation will propose repealing debit reforms, NACS added.
To read the full letter, click here.