Due to Bank of America’s plan to charge a $5 fee for debit card users starting in January 2012, the Dodd-Frank Wall Street Reform and Con-sumer Protection Act, Pub. L. No. 111-203, 124 Stat. 1376 (2010) has been back in the news again lately.
What does, Dodd-Frank have to do with debit cards? Quite a bit, due to Senator Dick Durbin’s (D- IL.) amendment which lowered the ―interchange fees‖ that banks can charge retailers for debit trans-actions: > Read More