The Electronic Payments Coalition released an analysis of the impact of the Durbin Amendment to the 2010 Dodd-Frank Act on May 24, 2016, that differs sharply from prior positive reports on the amendment's impact on consumers. Citing independent research by the Federal Reserve, the new analysis dispels claims that the amendment's mandated cap on debit card interchange rates has led to job creation and consumer savings, according to the EPC.
The study, titled Durbin Amendment Has Not Led to Consumer Savings or Employment Gains, Contrary to Retailer Claims
, is critical of Durbin Amendment supporters who maintain the amendment has generated an estimated $8 billion in annual interchange fee savings in the form of lower consumer prices and added payrolls. Many Durbin supporters have cited a 2013 study by economist Robert J. Shapiro that contains numerous inconsistencies, the EPC stated.