The issue of revenue that banks and credit unions make from transactions on their debit cards moved from the obscure corners of the financial services industry into the national spotlight last week as the Federal Reserve's debit interchange cap came into effect.
Months after their victory over banks and credit unions on the debit interchange issue retailers are gearing up to fight another battle.
Illinois senator sends letter to his state's CUs and bankers citing competitive advantage now presented to them.
PayPal gave merchants and others a peak at the new payments technology that, it said, will allow it to overcome the dominance of Visa and MasterCard at the point of sale.
New debit cap "is going to create a train wreck that will affect every consumer with a debit card," says CUNA President/CEO Bill Cheney.
Several sources tell Credit Union Times that Sen. Jon Tester (D-Mont.) will offer amendment during debate of a funding bill.
Washington, D.C. publications, stations venue for pitch for no delay to Fed's interchange debit cap.
The retailers are stepping up their defense of the Durbin Amendment and the interchange cap.
Retail and financial service industries are duking it out over attempts to regulate debit interchange fees.
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.