(Bloomberg) Visa Inc. and Mastercard Inc. are facing a new round of regulatory challenges, with the Federal Reserve proposing lower caps on the fees banks and payment companies can charge merchants when consumers swipe their debit cards at checkout.Most Read from BloombergControversial Chip in Huawei Phone Produced on ASML MachineTrump Signals Support for Johnson’s Bid to Become House SpeakerNasdaq 100 Set for Worst Drop of 2023 as Yields Up: Markets WrapChina Developer Country Garden Deemed
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Even during a pandemic, credit card companies have refused to negotiate over soaring swipe fees. Passed-on costs to California families are estimated at $900 a year. Competition is needed.