In a move prompted by intense advocacy from major global merchants, the Federal Reserve has proposed a rule that would drastically decrease debit card interchange caps, which would raise the cost of basic banking services depended on by families and small businesses in communities across Ohio. Shockingly, the Fed's call for public input is specifically not inviting comments about the types of costs incurred by banks in supporting debit card transactions covered by this proposed price cap.

This is a call to arms against an onslaught of misinformation orchestrated by merchants, aiming to tarnish the banking industry's image by distorting the realities of debit card costs and revenues. The orchestrated narrative falsely depicts banks as swimming in debit revenue while portraying checking accounts as profit havens at the expense of small businesses.

In truth, banks have weathered over a decade under the Durbin Amendment, navigating challenging interest rate landscapes, unprecedented increases in fraud, all exacerbated by reductions in debit interchange. Meanwhile, giant retailers advocating for these measures have seen their profit margins skyrocket.

We're taking a stand, and we need your support. Reach out to the Federal Reserve immediately to convey that the proposed amendments to debit card regulations in Regulation II are founded on flawed data and an incomplete process. These changes will inevitably drive up the cost of banking for consumers, and it's our collective commitment to ensure a fair and informed decision-making process.