Fight Over Swipe Fees Continues
A bipartisan group of U.S. senators introduced a bill, called the Debit Interchange Fee Study Act, as a countermeasure to the Federal Reserve’s plans to regulate debit-exchange fees. The Fed has called for a cap on fees and a two-year moratorium on further regulation. The regulation requirement was added last summer to the Dodd-Frank financial-overhaul law. Under the law, the Fed would limit interchange fees to 12 cents per transaction. Retailers are supporting the fee cap, arguing that so-called “swipe fees” are excessive, but banks and some consumer groups oppose the regulation, arguing that caps on swipe fees would force banks to levy fees on other consumer services such as checking accounts. The Fed has until April 21 to issue a final debit-fee rule.
