The Senate’s biggest critic of card fees is retiring. Here’s one Bankrate expert’s take on his legacy

ICLE was quoted in this Bankrate story about Durbin Amendment and Credit Card Competition Act. Read the full story here.

Among other things, the amendment limited the debit interchange fee to a maximum of 0.05 percent of the transaction value plus 21 cents (with an extra cent for fraud protection). In practice, this brought the average debit card processing fee down 52 percent (from 50 cents to 24 cents), according to the International Center for Law and Economics.