Friday, May 14, 2010

Senate passes amendment on debit and credit card swipe fees

"Retailers won a long-sought victory late Thursday as the Senate approved a measure that would give them more power over the fees they pay to banks each time shoppers swipe a credit or debit card.

... Banks large and small aggressively fought Durbin's amendment, even after he agreed to exempt banks and credit unions with less than $10 billion in assets. The Independent Community Bankers of America and the National Association of Federal Credit Unions said the provision could lead retailers to discriminate against their members' higher swipe fees."


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