WASHINGTON, Feb. 12 -- Sen. Ted Cruz issued the following press release:
U.S. Sens. Ted Cruz (R-Texas) and Katie Britt (R-Ala.) introduced the Community Bank Relief Act. The legislation raises the current $10 billion asset threshold that caps debit card fees for banks and index annually to inflation.
Sen. Cruz said, "The Durbin Amendment was not designed for the current economic and regulatory reality and subjects community banks to fee limits that the original language intended for much larger institutions. My legislation modernizes the interchange fee cap to reflect inflation, helping small banks support local economies while lowering banking costs for Americans."
Sen. Britt said, "As we've seen in so many instances, countless regulati...