The Electronic Payments Coalition says consumers aren’t seeing savings on retail products since the Durbin Amendment.
Fitch Ratings estimates a lower swipe-fee cap could cost U.S. banks nearly $7 billion.
A ruling on the fees banks charge to process debit cards could have financial consequences.
A Federal Reserve study says large banks’ debit card swipe fees declined in the fourth quarter of 2011.
“Where’s my debit discount?” That question is the premise behind a new website, WheresMyDebitDiscount.com, sponsored by the Electronic Payments Coalition, or EPC. The EPC is a group of about 60 banks, banking industry associations, credit unions and payment card networks that handle electronic payments between merchants and consumers. The website claims that retailers promised to
Consumers who thought the battle over so-called swipe fees on debit card transactions was over might be surprised at the latest development: The retailers are suing the federal government, claiming the Federal Reserve didn’t properly apply the law when it adopted a cap on these fees. According to a recent press statement, the National Retail
The Federal Reserve Board this week issued its final rule establishing an interchange rate of 24 cents for debit card transactions and implementing related requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The final rule came out with the usual flurry of doom-and-gloom press statements on both sides of the debate, plus
Retailers won another battle against the banks earlier this month as the U.S. Senate rejected an amendment that would have delayed the implementation of the “swipe fee” rule, which will cut the fees retailers pay banks when consumers use debit cards to make purchases. The amendment went down to defeat on a 54-45 vote, in