#Senate Judiciary

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4 05, 2022

INTERCHANGE9

2023-03-01T14:41:27-05:00May 4th, 2022|5- Client Report|

Swipe-Fee Disclosures, Antitrust Pressure Likely Following Senate Hearing

As anticipated, bankers and card networks squared off with merchants at today’s Senate Judiciary hearing addressing credit-card interchange fees.  Chairman Durbin (D-IL) strongly defended his amendment restricting debit-card fees, arguing that expanding fee constraints and network-competition provisions to credit cards would reduce inflation and increase consumer spending power.  He did not, however, propose legislation to do so, instead pressing for transparency; we expect the CFPB to include a mandate for swipe-fee disclosures in the changes it plans shortly to propose to current card disclosure requirements (see Client Report CONSUMER42).

INTERCHANGE9.PDF

4 05, 2022

FedFin on: Swipe-Fee Disclosures, Antitrust Pressure Likely Following Senate Hearing

2023-03-01T14:41:37-05:00May 4th, 2022|The Vault|

As anticipated, bankers and card networks squared off with merchants at today’s Senate Judiciary hearing addressing credit-card interchange fees.  Chairman Durbin (D-IL) strongly defended his amendment restricting debit-card fees, arguing that expanding fee constraints and network-competition provisions to credit cards would reduce inflation and increase consumer spending power…

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