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US Judge Strikes Fed's Cap On Debit 'Swipe' Fees

Wednesday, July 31, 2013 - 8:37 PM
WASHINGTON (AP) — A federal judge has struck down a rule setting a cap on the fees that banks can charge merchants for handling debit card purchases, saying the Federal Reserve didn't have the authority to set the limit in 2011.
ShorebreakShorebreak2,700 posts since
Apr 6, 2010
Rep Points: 14,633
1. Wednesday, July 31, 2013 - 8:45 PM
CUNA and NAFCU say that the judge's decision will hurt credit unions

pearlbrownpearlbrown1,491 posts since
Nov 2, 2010
Rep Points: 6,486
2. Wednesday, July 31, 2013 - 8:54 PM
"Sen. Richard Durbin, D-Ill., the author of the provision of the 2010 law mandating a cap on swipe fees, called Leon's ruling a "victory for consumers and small business around the country (that) will lead to lower interchange rates for billions of debit-card transactions each year.""

On the other hand:

"The Consumer Bankers Association, which represents large U.S. banks and regional banks, said the new ruling "will create even more chaos for consumers and small banks.""

I think that retailers and bankers should come together and determine a win-win compromise that both sides benefit.

Yes, I am day-dreaming:D
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
3. Saturday, March 22, 2014 - 10:20 AM
Card companies have already been raising bank fees on balance transfers and cash advances, boosting charges for overseas transactions and charging higher annual fees. Because of the new rules, credit card companies are also expected to raise monthly minimum payments due, which would enable them to increase the late payment penalty fee. Banks accustomed to reaping huge profits from penalty fees aren’t letting go easily.
peterashtonpeterashton1 posts since
Mar 22, 2014
Rep Points: 2