West is widely credited in retailer circles with having coined an alternative, “swipe fees.” It caught on, and eventually became a rallying cry for Senator Richard Durbin, the Illinois Democrat who successfully pushed for a cap on debit interchange rates in last year’s Dodd-Frank financial reform law. This afternoon, bankers will find out exactly how much they will be permitted to charge on debit transactions when the Federal Reserve Board issues a final rule implementing the Durbin amendment. (Credit card interchange was unaffected.)
via The PR Mastermind Who Coined the Term ‘Swipe Fees’ – Bank Think.
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