Revisions To Debit Card Charge Caps By The US Fed Might Put Banks Against Retailers texasredzonereport.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from texasredzonereport.com Daily Mail and Mail on Sunday newspapers.
The U.S. Federal Reserve
is set to propose slashing the amount of fees banks can charge
merchants for processing debit card transactions by nearly a
third, setting up a pitched battle between the two.
The U.S. Federal Reserve is expected on Wednesday to propose an official review of the fees banks can charge retailers for debit card transactions, setting up a battle between the two industries that could result in a court challenge. The scheduled Fed board meeting will mark the first time in over a decade that the central bank has proposed revising the fees, which generated around $24.31 billion for lenders in 2019, the most recent Fed data shows. The Fed has not said how it plans to change the fees, which have long been criticized by retailers as disproportionately high, and a spokesman for the central bank declined to comment.
US Fed considers shrinking fees banks charge on debit card transactions kitco.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kitco.com Daily Mail and Mail on Sunday newspapers.