States join the fight against proposed limits to credit card fees

May 31, 2010

State governments have become an unlikely ally of the banking industry in a fight against putting limits on the fees that credit and debit card issuers can charge to retailers.

via States join the fight against proposed limits to credit card fees.

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Overview: Senate passes financial reforms, final bill expected in July

May 31, 2010

On its way to being approved, the Senate’s bill saw a number of attempts at amendment. Illinois Democrat Dick Durbin suggested a provision that would allow merchants to set minimums when it comes to credit and debit card transactions.

Doing so would help retailers losing money on smaller transactions because of the interchange fees they have to pay to card networks like Visa and MasterCard. Durbin’s measure was added to the final bill that passed the Senate.

via Overview: Senate passes financial reforms, final bill expected in July.


Retailer weighs in on financial reform in Washington | Photo Marketing Assn

May 31, 2010

ATM Marketplace reports Mitch Goldstone of ScanMyPhotos.com, Irvine, Calif., recently took his ongoing battle against fees imposed by credit card companies to Capitol Hill as the Senate debated financial reform legislation. Goldstone is working to educate consumers, congressional leaders and the media about the difference between credit/debit card interchange fees and ATM surcharge fees, and the possible impact of various amendments attached to the sweeping financial reform bill.

via Retailer weighs in on financial reform in Washington :.


Sunday Morning: Ben Stein’s Take on Financial Reform –

May 30, 2010

Sunday Morning: Ben Stein’s Take on Financial Reform – Watch Online – Clicker.com.


Fredericksburg.com – Lawmakers want to set limits

May 30, 2010

People these days may use debit cards for purchases as small as a dollar, but retailers still pay a fee for those purchases, and they say it eats into their profit margins.

Retailers say the swipe fees are too high, especially for debit cards, which retailers say formerly passed at face value, like paper checks. Charging fees for such cards is a way to “circumvent the system and are reducing the face value of debit card transactions,” according to the National Retail Federation.

via Fredericksburg.com – Lawmakers want to set limits.


Retailers defeat banks in debit/credit card fee fight – bizjournals:

May 30, 2010

Retailers didn’t get everything they wanted — limits on credit card interchange fees will have to wait for future legislation. But they’re thrilled they won a partial victory in a lobbying battle that has been going on for years.

via Retailers defeat banks in debit/credit card fee fight – bizjournals:.


Rep. Welch urges support of Durbin amendment (Video)

May 29, 2010

YouTube – Rep. Welch urges support of Durbin amendment.

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