Joint Trades Statement on the Eighth Circuit’s Corner Post Decision

WASHINGTON, D.C. - The Consumer Bankers Association, American Bankers Association, America's Credit Unions, Electronic Payments Coalition, Independent Community Bankers of America, and the National Bankers Association issued the following joint statement in response to the U.S. Court of Appeals for the Eighth Circuit's Corner Post v. Board of Governors of the Federal Reserve System decision:

"We are deeply disappointed that the Eighth Circuit affirmed the district court's decision in the Corner Post case. The Durbin Amendment's government price controls have harmed consumers from the start by making it harder for banks to offer affordable banking services and valuable benefits. Today's decision threatens to compound that harm by preventing regulated interchange fees from reflecting the real costs banks incur to process transactions, prevent fraud and protect customer data.

"For more than a decade, corporate megastores have pocketed billions from the Durbin Amendment while ignoring promises to lower prices for consumers. Now, they want to pay even less for the very payment system they rely on every day, leaving banks, credit unions and consumers to shoulder the costs.

"It's important to remember that this decision is not the last word on these issues. Another federal appellate court is considering similar questions in the Linney's Pizza case, where the district court upheld the Federal Reserve's rule. We will continue advocating for an approach that protects consumers and preserves the safe and efficient debit card system they depend on."