The Durbin Amendment - What Is It?

The Durbin Amendment is an amendment which regulates or puts a cap on the total amount of interchange fees that you're allowed to charge on a typical debit card transaction. Now there is a special carve out within that regulation that says that banks with under $10 billion in total assets are allowed to charge higher fees on their debit transactions. And that's created a real opportunity for smaller community banks to license out their platform in conjunction with Galileo as they go to market. It allows them to achieve the economics that make the demand deposit accounts actually viable from a unit economic perspective.

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