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.
Months after their victory over banks and credit unions on the debit interchange issue retailers are gearing up to fight another battle.
Credit unions got a bit of good news when the Federal Reserve reversed itself and announced that debit interchange fees will be capped at 21 cents a transaction, up from the original proposal of 12 cents, with a 1 cent fee for fraud prevention and a five basis point allowance...
This article about the Fed's move on the interchange cap is just one of the articles that will appear in the next print edition of Credit Union Times.
Comment letters, congressional testimony and in-person visits with lawmakers in Washington are key components of a concerted strategy to kill, delay implementation of or at the least modify the Federal Reserve’s proposed rule on debit interchange fees.
The U.S. Justice Department announced last week that a long-running antitrust investigation against the three largest card brands has ended in a settlement with two of the three and litigation against the third.
Consumer and retail groups are praising the U.S. Department of Justice's actions against major credit card brands, but analysts are split about whether the moves will result in real lower prices for consumers.
Retailers appeared before a committee of the Vermont legislature on April 21 in support of pending legislation that would allow Vermont retailers to give discounts to customers who paid by cash or debit card.
Retailers expressed disappointment this morning that the Senate version of financial reform legislation formally unveiled yesterday does not address the issue of credit and debit card interchange.