ICLE White Paper - Price Controls on Payment Card Interchange Fees: The US Experience

ICLE has released a new study on the effect of payment card interchange fees on consumers, retailers and banks by Todd Zywicki, Geoffrey Manne and Julian Morris, titled: Price Controls on Payment Card Interchange Fees: The US Experience. Payment cards are frequently safer, quicker, and more convenient than cash or checks. But, according to the new study, interchange fee caps under the Durbin Amendment to the Dodd-Frank financial regulatory reforms have made electronic payments more expensive for consumers. While debit interchange fees charged by regulated banks (those with assets of over $10 billion) in the US fell by about 50% following the regulation, consumers, as well as smaller retailers, have not benefited from the cost reductions -- and poorer consumers, especially, have been significantly harmed...

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Northern Trust Corporation

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has offices in the United States in 19 states and Washington, D.C., and 20 international locations in Canada, Europe, the Middle East and the Asia-Pacific region.

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