WASHINGTON–Sen. Richard Durbin (D-IL), a long-time nemesis for many in credit unions for the card legislation he has backed, has announced he will not seek re-election.

Durbin, 80, has served in Congress for 44 years, including two decades in the Senate. 

Active on numerous issues, Durbin is best known in financial institutions for the “Durbin Amendment,” which is part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, an 848-page piece of legislation that was passed in 2010. The Durbin Amendment limits transaction fees imposed upon merchants by debit card issuers for institutions of $10 billion or more in assets. That threshold has meant a significant revenue hit for many CUs when they pass $10 billion in assets, and has long been opposed by credit unions, which have joined with other FIs in calling for its repeal. 

Co-Sponsor of the CCUA

Durbin is also a co-sponsor of the Credit Card Competition Act, which is again before Congress. That legislation would require large credit card issuers–$100 billion or more in assets–to allow transactions to be routed through at least two unaffiliated payment networks, at least one of which cannot be Visa or Mastercard.

While only one credit union comes close to exceeding that asset threshold, the CCCA is also vigorously opposed by credit unions, which argue it will effect the entire market, regardless of asset size.

Durbin entered Congress in 1983.

Why the Skies are Clear

One of the accomplishments he often cites, and which has had a clear effect for anyone who travels, was a ban smoking on airplanes that was enacted in 1988.

“That has to be the most significant thing I’ve done in terms of changing America,” Durbin has said.

He won his Senate seat in 1996.

America’s Credit Unions Responds

“Senator Dick Durbin has served the people of Illinois and the United States for more than four decades. While we strongly disagree with Sen. Durbin on interchange legislation, and will continue to oppose it, we recognize his willingness to engage with credit unions on other industry priorities.,” Americas Credit Unions President/CEO Jim Nussle said in a statement.