Illinois senator files brief in case seeking to force Fed to cut interchange costs further.
Rather than pass debit interchange savings from the Durbin Amendment on to consumers, gasoline retailers are pocketing the difference, according to the Electronic Payments Coalition.
Rather than pass debit interchange savings from the Durbin Amendment on to consumers, gasoline retailers are pocketing the difference, the Electronic Payments Coalition says.
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.
Two legislators have announced they will file a bipartisan bill in the House to repeal the Durbin amendment and remove its cap on debit card interchange.
Some industry organizations which fought the passage of the Durbin amendment have moved quickly to applaud the prospect of its repeal.
Credit unions are hoping for relief from the courts and an improved rule from the Federal Reserve following the Senate defeat of an amendment that would have delayed the Federal Reserve’s rule regulating debit interchange fees by up to a year.
Senate vote expected at 2 p.m. today; sources report that measure delaying interchange cap within a few votes of passing.
Several sources tell Credit Union Times that Sen. Jon Tester (D-Mont.) will offer amendment during debate of a funding bill.