This Week in Credit Card News
Interchange Fee Regulations: Who Wins, Who Loses?
The financial overhaul bill passed in the House and is expected to pass in the Senate after the July 4th recess. The interchange fee for debit cards is one of the major elements of the bill. The only clear winners are merchants and retailers. The bill will hurt banks and possibly harm consumers. [LowCards.com]Visa Can Take Credit for This Sly Debit Card Bill in California and Other States
As interchange fee regulations are debated in Congress, they are also under discussion and in several state legislatures and lobbying is intense. Visa is orchestrating a lobbying effort in California and other states considering legislation that would prevent merchants from charging fees when customers use debit cards. If California lawmakers want to save consumers money, they could also tackle credit and debit card fees such as limiting banks from charging fees when people use automatic teller machines. But that would take years of study and hearings. [Sacramento Bee]<<Read More>>
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