Over regulation of the banking industry under Dodd-Frank has cut off over one million Americans from the banking system, a Competitive Enterprise Institute (CEI) study shows.
CEI says that one of the most repressive provisions of the 2011 law is the Durbin amendment, which places price controls on fees that banks and credit unions charge retailers to process debit card purchases. The costs that banks were not permitted to recover were passed on to consumers.
There is good news as well: Congress appears reluctant to repeat and extend this over regulation policy mistake.
