ICLE Research Cited in Yahoo Finance on Credit Card Interchange Fees

Yahoo Finance cited ICLE research in a piece examining the effects of credit card interchange fees on consumers and merchants. The article referenced ICLE’s analysis of the Durbin Amendment’s track record, noting findings that consumers did not receive the retail price savings the amendment’s proponents promised. The underlying research was co-authored by President and Founder Geoffrey Manne and Senior Scholar Julian Morris, alongside George Mason University’s Todd Zywicki.

Read the full piece here. Read the ICLE paper here.

The CCCA was concocted on the same premise as the ill-fated Durbin Amendment, to lower debit card swipe fees, where banks have lost an estimated $6.5 billion each year as a result. The Durbin Amendment has been blamed for diminishing banking rewards and instituting higher fees on services like checking accounts and ATM withdrawals without the promised benefit that consumers would receive additional savings. An International Center for Law and Economics (ICLE) paper found little evidence that consumers have experienced the savings they expected.