Republicans: Repeal rule that spurred bank fees
October 13th, 2011
02:25 PM ET
3 years ago

Republicans: Repeal rule that spurred bank fees

Washington (CNNMoney) - House Republicans say there's a solution for the debit card fees from Bank of America and others that are ticking off customers: repeal the new regulation that the banks blame for needing the fees.

Several Republicans announced Thursday that will again try to get rid of the provision in the Wall Street reform law that blocked big banks from charging retailers more than 24 cents for processing a swiped debit card. That was a reduction from the previous average of 40 cents.

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Filed under: Congress • Economy
soundoff (28 Responses)
  1. Wire Palladin, S. F.

    It might be easier if taxpayers just withdrew their money from the banks that were bailed out, because after getting billions of unaccounted for tax payer money from Bush, they misused the money. Keep the regulations, and take your money of BOA and Wells Fargo.

    October 13, 2011 02:36 pm at 2:36 pm |
  2. Greg in Arkansas

    Let's add a 16 cent hidden tax on retailers, you know the small business that the GOP pretends to like so the bank CEOs can maintain their multi-million dollar bonuses......by all means......let's SAVE THE BANKERS and screw the retailers that will just pass the tax onto the consumers.........

    October 13, 2011 02:38 pm at 2:38 pm |
  3. Yikes!

    So the banks are punishing us for taking away some of their rights to steal from us and the Republicans want to help us by letting them steal from us again.

    I just wanted to be sure it was clearly stated.

    October 13, 2011 02:40 pm at 2:40 pm |
  4. Sniffit

    GET BUSINESS OUT OF THE WAY OF GOVERNANCE.

    The GOP's rationale here amounts to the following: "business should control our governance by leveraging its ability to punish its emlpoyees and customers." Sorry, but sometimes the right thing to do is the right thing to do and if the banks or Walmarts or Lehman's or AIG's or S&P's of the world don't like it, our gov't needs to have a freekin backbone and tell them to go pound sand. The REAL solution to the bank fee problem is simple: BOYCOTT THEM INTO OBLIVION. Go to your local credit union or small bank instead. It's time for the Masters of the Universe to get rtampled. NO QUARTER.

    October 13, 2011 02:41 pm at 2:41 pm |
  5. Lisa P

    "In just the short period of time since the rule went into effect on Oct. 1, we have seen this amendment reach into the wallets of average Americans through increasing bank fees, just as we had feared," said Dan Berger, chief lobbyist for the National Association of Federal Credit Unions.

    Funny how he doesn't mention who exactly is "reach[ing] into the wallets of average Americans." Hint: amendments don't "reach" and have no interest in money, corporate profits or CEO bonuses. Yeah, let's repeal that mean old amendment so we can go back to hiding our greed! The consumer pays either way.

    October 13, 2011 02:42 pm at 2:42 pm |
  6. once upon a horse

    yeah of course that is going to work. It's just like when the airlines had those "temporary baggage fees" to override the cost of jet fuel. You recall that? Well jet fuel like most gas prices have decreased but the baggae fees still exist. Sorry GOP but not everyone in the nation is dumb enough to support such a move.

    October 13, 2011 02:44 pm at 2:44 pm |
  7. The Elephant In The Room

    Banks do not have a "RIGHT" to certain profit levels.

    Translation: they don`t get to stick it to the consumers by an alternate means.

    Look, the only thing the Democrats did wrong the last time was to not THINK IT THROUGH; they were niaeve to expect a for-profit bank to respect the INTENT of the low which was to prevent banks from taking more in overhead expenses from indivual, retail customers.

    Instead of people with law degrees in Congress directing these bills, the Democrats need people with engineering degrees [born problem solvers,not exploiters] and MBA`ers [born creators that understand the interplay of revenues & costs; and how the profit motive can be perverted by the GOP].

    The GOP is attempting to "lock-in" prior profit levels for banks & their executives. The "new normal" is that they don`t get to make such exorbitant fees. Every dollar that banks extract is a dollar a middle class family can`t spend on their future. This is no different they the Republican`s arguement against taxes for "job creators" except corporate greed REPLACES so-called "big government".

    October 13, 2011 02:44 pm at 2:44 pm |
  8. vic , nashville ,tn

    Republicans only work for big banks

    Example if you buy $3 product from small business bank will charge swipe fee 40 cents then small business will lose their profit. If small business has to make profit on debt card sale customer has to buy minimum $9 stuff
    This is fact
    So republican doesn’t care small business most of them are self-employed

    October 13, 2011 02:48 pm at 2:48 pm |
  9. Wire Palladin, S. F.

    So correct if I am wrong, right wingnuts. I use my debit card, BOA charges me $5 a month, and the small businessman has to give 5% to BOA. Sounds like a republican scam all right.

    October 13, 2011 02:57 pm at 2:57 pm |
  10. MTATL67

    Good ole GOP on the side of the banks..unless they need a bail out. I already informed my bank Chase if you startcharging those fees I will close my account.

    October 13, 2011 02:58 pm at 2:58 pm |
  11. Indy

    Ever wonder why countries that have strict Government regulations on the banking system are doing much better then the US ? They dont have a Republican party that allows favors for their corporate freinds. There are many countries that have their people protected by Government regulations, but Republicans want the country to be governed by corporations.

    October 13, 2011 02:59 pm at 2:59 pm |
  12. Independent Voters

    But the republican dont want to pass job bill but they all interested what the bank does I said get rid of the Banks bosses and the republican party.

    October 13, 2011 03:01 pm at 3:01 pm |
  13. Sniffit

    First clue that you're headed towards corporate plutocracy: businesses and industries have grown so overwhelmingly large and wealthy that they can (a) afford to punish the public in response to regulatory and government activity that they don't like in hopes of (b) drumming up public enmity for said regulatory and government activity because of said punishment while (c) weathering any consumer or labor backlash for said punishment and (d) enjoying the support of at least half of the elected representatives, who have been taught that corporate wh-ring will help them get and stay elected via massive donations and electioneering spending.

    If you don't see the above as a serious threat and danger to the continued stability and health of American society, then you truly know nothing. The above plutocratic feedback loop, and the accelerated redistribution of wealth to increase income and wealth disparity that accompanies it, WILL result in the destruction of American society and everything that goes with it. HAVE NO DOUBT.

    October 13, 2011 03:01 pm at 3:01 pm |
  14. Sniffit

    BTW, here's a freekin clue: INNOVATE, DON'T INCREASE THE RATE. The only reason the banks chose this as their answer, their "solution," is because they hope that by screwing consumers it will get the public on their side when they blame the regulation and call for its repeal through their Republican puppets. The reality is that they're too freekin lazy to innovate how they do business in order to accomodate and absorb the regulation and are so freekin huge, powerful, wealthy and influential with segments of our government that they see no reason to do so or even bother trying to adapt. THAT is a sign of capitalistic decadence. Guess where that always slides...

    October 13, 2011 03:04 pm at 3:04 pm |
  15. Dean

    Common sense usually results in the best solution. Democrats...watch and learn.

    October 13, 2011 03:06 pm at 3:06 pm |
  16. james Miller

    Their position sums up who they are for, doesn`t it. -– Big banks and their $$$$.

    October 13, 2011 03:07 pm at 3:07 pm |
  17. Wire Palladin, S. F.

    Dean, Dean, Dean . . . .Oh never mind.

    October 13, 2011 03:15 pm at 3:15 pm |
  18. Sniffit

    "Common sense usually results in the best solution"

    Common sense would argue that it makes no sense to start establishing precedent that if any business or industry doesn't like what the government is doing to regulate it, then all it has to do to get it repealed is jack up prices, screw consumers, lay off thousands of employees or whatever other shenanigans it might pull to punish the public for the public's representatives representing them instead of non-living, non-breathing, non-family-having, non-child-reering monsters whose existence is entirely dependent upon statute.

    October 13, 2011 03:15 pm at 3:15 pm |
  19. annie s

    Unbelievable! I have an idea...why don't the Republicans just nominate one of their beloved big corporations for President? After all, they'e people too.

    October 13, 2011 03:22 pm at 3:22 pm |
  20. Don

    These GOP corporate lackies are kidding, right? They have to have a better excuse than this! Its laughable. They are going to lose SO BIG!

    October 13, 2011 03:27 pm at 3:27 pm |
  21. gg

    any body that leaves there money in a bank that bailed out will loose every thing

    October 13, 2011 03:39 pm at 3:39 pm |
  22. Rudy NYC

    These fees fund their salaries and extravagant bonus checks. The managers and executives feel they have a right to million dollar salaries and bonuses. They have given themselves raises of 20-30% every year since 2008. I think an anti-Trust suit demanding that the banks "show cause" for the fees is in order. Because it is not like the banks are losing money. They are actually reporting record profits. This isn't about need, it is about greed.

    October 13, 2011 03:46 pm at 3:46 pm |
  23. ATL Guy

    Not sure how this will be a winning issue for them. Give them the rope and see what they do to themselves.

    October 13, 2011 04:00 pm at 4:00 pm |
  24. Me

    So republicans will shoot down a jobs bill and fight for the profits of the big banks.
    Doesn't this make it clear who the GOtP works for?
    The GOtP is the party of the rich and they stand against the poor.

    October 13, 2011 04:03 pm at 4:03 pm |
  25. Dominican mama 4 Obama

    The Rethug Teahadists are braindead. They are not equipped to CREATE for the greater good, only to destroy that which would hinder the profit margin of their masters: corporations.
    They will brazenly, and with fake concern offer the 99%ers poison and tell them it is medicine for their own good. They will reassure us that they are acting in our own best interests by leaving the cancer in versus excising it, thereby allowing it to grow and fester and eventually kill us.
    I've frankly never seen a group of people in our modern American political system be so doggedly dedicated to Party, and corporations at the expense of the American middle class and our country.
    I hate to use the word evil but truly nothing else comes close to describing this insidious phenomenon.

    October 13, 2011 04:04 pm at 4:04 pm |
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