Zywicki Speaks at Durbin Conference

Professor Todd Zywicki was a speaker at a March 29 conference, "The Fed's Proposed Debit Card Regulations: Are They Reasonable and Who Will Win or Lose?"

Top executives from card networks, major banks, credit unions, small financial institutions, law firms, consumer advocacy groups and others attended the Washington, D.C., event, which explored the impact of the 12-cent interchange cap and related regulations the Federal Reserve proposed for debit cards last December in response to the Durbin-Frank financial reform bill.

During the conference morning session, Zywicki gave a brief presentation on the Durbin winners entitled, "Pawn Shops, Check Shops and the Kardashian Prepaid Card," offering a humorous twist to the subject.

"Pawn shops, check shops, the Kardashian prepaid card and that whole motley assemblage of alternative products. It seems like they are going to be the big winners once Senator Durbin drives everyone out of the finance system,” said Zywicki.

Later he appeared in a panel discussion, "What's the Problem, What's the Solution, Who Wins, Who Loses?" where he voiced his belief that the implications of the Durbin Amendment for consumers were “asinine,” noting that he could take a flight, eat at a restaurant, go grocery shopping, and more without cash through the convenience of debit cards.

“Senator Durbin says we need more safes in the backs of stores,” Zywicki quipped. “We need more people fumbling for their check book. We need more people trying to resist reading US Weekly in public.”