Durbin Amendment

The Durbin Amendment is a part of the Dodd-Frank Act, enacted in 2010, aimed at regulating debit card interchange fees. It requires banks to limit the fees they charge retailers for processing debit card transactions, promoting competition and lowering costs for businesses. By allowing merchants more choices in transaction processing, the amendment aims to reduce prices for consumers. Essentially, it makes debit card transactions cheaper for retailers, which can benefit customers through lower prices.