The Electronic Payments Coalition, a bank lobbying group opposed to swipe fee regulation, picked up a new video by the House Financial Services Committee just hours after it was released on Friday. The video argues that banks' new monthly debit card fees are a result of financial reform.
The coalition forwarded the committee's press release about the video with the subject line, "DURBIN FEES?"
Our colleague Stacy Kaper has more:
Republicans on the House Financial Services Committee on Friday launched a campaign to gin up public anger over banks' new monthly fees on debit card and other consumer accounts, and direct it at financial reform.
Committee Republicans led by Chairman Spencer Bachus, R-Ala., rolled out a YouTube video with clips of lawmakers and financial regulators, including Federal Reserve Board Chairman Ben Bernanke and former Federal Deposit Insurance Corp. Chairman Shelia Bair, predicting that a provision included in last year's Dodd-Frank financial reform law was likely to cause banks to start raising consumer fees.