Banks lobbying against new debit card rules
Banks and other financial institutions that are to recover from the shock of limitation on swipe fees being charged are now facing yet another change that could further reduce their revenue. The Congress is mulling over a bill that plans on limiting the interchange fees charged when customers use their debit cards to make their purchases. Not happy with the impending bill, credit unions, banks and many other financial institutions are lobbying against it in order to delay the lawmakers from passing this through Congress.
Capitol Hill is being flooded by representatives each passing day by companies that are fighting tooth and nail to delay the entire process. In addition to sending representatives to the seat of the Senate, they are also coming up with various advertising campaigns to ensure the Federal Reserve does not bring this bill into being any time soon.
While the financial institutions are giving their best to delay the entire process, merchants who stand to benefit are pushing their best to ensure the Congress passes this bill at the earliest. Merchants Payments Coalition’s counsel, Doug Kantor, said that they are more than eager to get the bill through Congress so it works in the favor of customers, as well as merchants.
The financial institutions though, are trying hard again to fight the battle they lost last spring when Senator Richard Durbin’s reforms to the financial bill was passed through the Congress and brought into effect immediately, thereby curbing their revenue significantly.
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