March 17, 2016Blog Posts

Banks’ Credit Card Fees Threatened as Durbin Supports Retailers

Bloomberg

As one of the most antagonistic lobbying battles in Washington escalates — where financial institutions like JPMorgan Chase & Co. and Visa Inc. are sparring with companies such as Wal-Mart Stores Inc. over credit card swipe fees — a powerful ally is again sticking up for the retailers.U.S. Senator Dick Durbin wants to know whether a group owned by the world’s biggest payment networks is using credit card technology and security standards to hinder competition, according to a copy of a letter obtained by Bloomberg News. The questioning rekindles scrutiny of Visa, American Express Co. and MasterCard Inc. by the Illinois Democrat, who inserted a controversial amendment in the 2010 Dodd-Frank Act that significantly cut the fees the companies charge on debit card purchases.

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