Merchant Payments Coalition says credit unions, community banks have benefited.
Illinois senator files brief in case seeking to force Fed to cut interchange costs further.
Fed says most credit unions didn’t experience a drop in interchange income immediately after the Durbin Amendment went into effect last fall.
Rather than pass debit interchange savings from the Durbin Amendment on to consumers, gasoline retailers are pocketing the difference, the Electronic Payments Coalition says.
CUNA, NAFCU join opposition to merchants' bid to cut debit interchange deeper.
The furor over debit card fees left many consumers with the impression that banks benefited from the change in interchange regulations, a new study shows.
This year saw a regulation capping the interchange card issuers were able to earn on a debit card transaction come into effect for the first time in history.
Electronic Payments Coalition secret shoppers say prices went up after Oct. 1 debit cap kicked in.
Saying that the debit card swipe fees set by the Federal Reserve were neither reasonable nor proportional, the National Retail Federation and other groups have sued the agency.
Retail groups say Fed has failed to regulate swipe fees under intent of Dodd-Frank.