Banks Win Again: Congress Caves on Debit Card Fees – Seeking Alpha


The story here is not so much the cap on fees itself, but the ability of banks and their lobbyists to control the legislative process from start to finish. The banks spent millions on lobbying while Dodd-Frank was being drafted. Part of the payoff was that rather than having hard, fast rules included in the legislation itself, general guidelines and goals were devised, the details of which would be worked out later on by bank-friendly regulators like the Fed and the OCC.

via Banks Win Again: Congress Caves on Debit Card Fees – Seeking Alpha.

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