On May 26, the House of Representatives Committee on Rules announced that House members have until June 2 to propose amendments to the Financial Choice Act bill. The Chairman of the House Financial Services Committee, Jeb Hensarling, is expected to introduce an amendment to strike from the bill the provision which purports to repeal the Durbin Amendment. The Durbin Amendment enacted in 2010 as part of the Dodd-Frank Act, imposed limits on fees banks are allowed to charge retailers for debit card transactions. It is anticipated that this amendment will pass.
The House Financial Services Committee approved the Financial Choice Act bill on May 4. We blogged on the topic here and here. It is anticipated that the full House will vote to approve the bill during the week of June 5.
At that point the bill will be sent to the Senate where its fate is very uncertain.