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Debit Card Fee Fight Returns To Congress

Thursday, February 17, 2011 - 8:30 AM
From Reuters:
Visa and banks will press lawmakers on Thursday for relief from a proposed slashing of debit card processing fees, an issue that has attracted bipartisan support for softening the impact of part of the Dodd-Frank financial law.

This is dealing with debit card interchange fee cap that could hurt reward checking.
2
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,077
1. Thursday, February 17, 2011 - 6:57 PM
An unexpected proposal came from the Congressional meetings today. It appears the exemption for small banks may be at risk. According to this AP article:
The Fed's proposed rule would exempt smaller banks -- those with assets below $10 billion -- from the lower charges. At the Senate Banking Committee, Bernanke said the exemption may not work because merchants might reject debit cards issued by the smaller banks, since the fees they charge could be higher.



2
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,077
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