Fed Power Over Debit-Card Fees Unites Banks Against Retailers – Bloomberg


Large banks and small lenders, which have differed over issues ranging from a new consumer protection agency to a proposed bailout fund for failed firms, are allied on one front: They want debit-card fees left alone.

Banks and credit unions this week began a lobbying blitz to press U.S. lawmakers to kill an amendment in financial-overhaul legislation passed by the Senate that would allow the Federal Reserve to limit the fees charged to retailers when customers use debit cards.

via Fed Power Over Debit-Card Fees Unites Banks Against Retailers – Bloomberg.

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