Makes strong case for credit-card reform. In a news story today, USA Today exposed some of the myths banks propagate about hidden, exorbitant “swipe” fees the banks charge retailers when customers buy with credit or debit cards, the Merchants Payments Coalition reported. The article also makes a strong case for reforming the way Visa and…
Lawmakers Look To Repeal Durbin Swipe Fee Caps
Two U.S. House lawmakers plan to introduce a bill to repeal a Federal Reserve rule capping debit-card swipe fees, Bloomberg reported today, Oct. 12. Representatives Jason Chaffetz, a Utah Republican, and Bill Owens, a New York Democrat, are introducing a measure later today to repeal the rule required under the 2010 Dodd-Frank Act, John Hadlock,…
The Fight for Interchange Reform Continues
The long and winding road to controlling credit card fees took yet another turn on Oct. 12, 2010, when TCF National Bank, a subsidiary of TCF Financial Corp., filed a lawsuit challenging the constitutionality of the Durbin Amendment, which was included in the Wall Street Reform and Consumer Financial Protection Act of 2010, also known…