The Federal Reserve on Thursday proposed rules that could sharply limit the fees that banks charge retailers for debit card transactions. The rules would carry out the orders Congress issued to the Fed in the landmark financial-reform law passed this year. The legislation requires that the central bank come up with a plan to assure that so-called swipe fees for debit cards are “reasonable,” addressing an issue that has long been a sore point with retailers. Either of two Fed proposals would cap the swipe fee at 12 cents per transaction — far below what banks now charge retailers.
Fed proposes rules to slash debit card ‘swipe’ fees | Money & Company | Los Angeles Times