U.S. Capitol building under dark sky Source: Shutterstock.

Credit union trade groups and banks have been fighting a bill introduced in the U.S. Senate Thursday that would allow processors other than VISA and Mastercard to handle credit and debit card transactions at less than 36 large banks and one credit union: Navy Federal.

The sponsors and the retailers who pay the fees said the bill would lower costs for consumers because retailers would pass along the savings from lower-cost processors to their customers.

Jim DuPlessis

A journalist for decades.

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