Big Banks/Credit Card Companies
ABA Disappointed by Senate Approval of Interchange Amendment
American Bankers Association
This amendment is a big concern for banks of all sizes because it directly inserts the government into a price fixing role and mandates competitive inequities in the marketplace, according to the ABA.
Big Banks Spend Millions on ‘Information War” to Stop Swipe Fee Reform
Visa, MasterCard and the big banks that took taxpayer bailouts have spent over $50 million in lobbying fees this Congress in a last-ditch effort to stop swipe fee reform.
Debit Fee Cut Is a Rare Loss for Big Banks
New York Times
The legislation directs the Fed to cap those fees at a level that is “reasonable and proportional” to the cost of processing transactions. The Nilson Report estimated that last year, fees averaged 1.63 percent of the transaction amount.
Durbin upbraids credit card giants
Senate Majority Whip Dick Durbin (D-Ill.) on Thursday sent a terse letter to Visa and MasterCard, asking them to stop “threatening” small banks and credit unions by “distorting” his legislation cracking down on swipe fees.