Representatives Jason Chaffetz, a Utah Republican, and Bill Owens, a New York Democrat, are introducing a measure later today to repeal the rule required under the 2010 Dodd-Frank Act, John Hadlock, a spokesman for Chaffetz told Bloomberg.
The Durbin Amendment went into action on Oct. 1, which limits fees that card networks charge merchants to 21 cents per transaction. The caps could cut up to $8 billion in revenue from the largest U.S. banks, according to data compiled by Bloomberg Government.
Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co. and SunTrust Banks Inc. have been rolling out new charges for debit-card users as the Durbin Amendment goes into affect to regain the lost revenue.
Meanwhile, U.S. Rep. Brad Miller (D-NC) introduced The Freedom and Mobility in Banking Act aimed at modernizing and streamlining the opening and closing of personal checking and savings accounts, so customers have the option of moving their funds elsewhere without hassle if they see fit. The proposed bill rolls out as major banks announce debit card fees following Durbin, such as Bank of America which announced it is now issuing a $5 monthly fee to debit card users.