WASHINGTON – Almost immediately after agreeing to reduce “swipe” fees charged to merchants to process credit card transactions, Mastercard plans to increase fees for both credit and debit card transactions by more than $250 million this month, the Merchants Payments Coalition said Wednesday. “This new increase proves the credit card companies are continuing to take
WASHINGTON – A retail group said Wednesday that a proposed reduction in the “swipe” fees that merchants pay banks to process debit card transactions is welcome but doesn’t go far enough. The Merchants Payments Coalition responded to the Federal Reserve’s proposal to lower the basic amount banks are allowed to charge from a maximum of
WASHINGTON – Retailers and retail advocates are welcoming the announcement by the Supreme Court that it will take up a case asking the Federal Reserve to lower the cap on debit card “swipe fees.” An amendment by Illinois Democratic Sen. Dick Durbin to the 2010 Dodd-Frank Act directed the central bank to set a “reasonable”
WASHINGTON — The National Retail Federation today announced the launch of an advocacy campaign urging Congress to support the Credit Card Competition Act. The campaign begins today and runs through Friday on social media, ConnectedTV, and digital platforms. NRF cited new consumer data suggesting that just 21% of survey respondents think credit card companies are
WASHINGTON — Retailers filed a lawsuit on Thursday seeking to compel the Federal Reserve to lower its 10-year-old cap on the “swipe” fees banks charge to process debit card transactions. The suit, filed by the North Dakota Retail Association and the North Dakota Petroleum Marketers Association in U.S. District Court in Bismarck, N.D., charges that