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- Title
DURBIN'S DEFECT: THE IMPACT OF POST-RECESSION LEGISLATION ON LOW-INCOME CONSUMERS.
- Authors
SMITH, ARIN H.
- Abstract
In 2010, the economy was reeling from an economic recession that particularly affected low-income consumers. One law, known as the Durbin Amendment, sought to protect consumers by regulating the fees that financial institutions charge merchants each time a customer uses a debit card. This Note examines the amendment's effects, arguing that it has ultimately raised the costs of banking for low-income consumers. Due to complex banking disclosures and the structure of the regulations, these increased costs have not been offset by increased transparency or lower retail prices. This Note recommends specific changes to the Durbin Amendment that will better support its stated goals. However, because these changes cannot entirely mitigate the negative effects, this Note recommends that Congress also pass legislation to improve access to banking for low-income consumers.
- Subjects
UNITED States; LEGISLATION; LOW-income consumers; DURBIN, Dick, 1944-; RECESSIONS; DEBIT card fees; LEGISLATIVE amendments; BANKING laws; UNITED States economy, 2009-2017; ECONOMICS; STATUS (Law); LAW; POLITICAL attitudes
- Publication
New York University Law Review, 2014, Vol 89, Issue 1, p363
- ISSN
0028-7881
- Publication type
Article