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Currently showing results related to Swipe Fees
Durbin Discusses Interchange Fees With Federal Reserve Chairman Jerome Powell
WASHINGTON – U.S. Senate Majority Whip Dick Durbin (D-IL) today spoke with the Chairman of the Federal Reserve, Jerome Powell, to receive an update on the status of economic and monetary policy in the U.S. During the meeting, Durbin stressed the importance of ensuring that the biggest banks and card networks fulfill their obligations to charge reasonable and proportional interchange fees for debit card transactions—and protect consumers, who pay these hidden fees in the form of higher retail pr… Continue Reading
05.04.22
Durbin Questions Visa And Mastercard Witnesses At Hearing On Credit And Debit Card Swipe Fees
WASHINGTON - During today's Senate Judiciary Committee hearing entitled "Excessive Swipe Fees and Barriers to Competition in the Credit and Debit Card Systems," U.S. Senate Majority Whip Dick Durbin (D-IL), Chair of the Senate Judiciary Committee, asked Bill Sheedy, Senior Advisor to the Chairman and CEO of Visa Inc., about a statement on a January earnings call by Visa Chief Financial Officer Visant Prabhu, that Visa benefitted from inflation. "On a January 27th earnings call, [Visa CFO Visan… Continue Reading
05.04.22
Durbin Delivers Opening Statement At Senate Judiciary Committee Hearing On Credit And Debit Card Interchange Fees
WASHINGTON - U.S. Senate Majority Whip Dick Durbin (D-IL), Chair of the Senate Judiciary Committee, today delivered an opening statement during the Senate Judiciary Committee hearing entitled "Excessive Swipe Fees and Barriers to Competition in the Credit and Debit Card Systems." This hearing will examine interchange fees and other anticompetitive practices in the credit and debit card industries, and how rising interchange fees lead to higher consumer prices for goods and services and add to in… Continue Reading
07.27.20
Durbin And Welch To Fed: Excessive Debit Swipe Fees Are Hurting Merchants During Pandemic
WASHINGTON - U.S. Senator Dick Durbin (D-IL) and U.S. Representative Peter Welch (D-VT) sent a letter to Federal Reserve Chairman Jerome Powell expressing concern over troubling debit card industry practices that are diminishing competition and costing American merchants potentially billions in excessive swipe fees. Under current law, enacted as part of the 2010 "Durbin Amendment," banks that issue debit cards must enable at least two unaffiliated debit networks to be available for each debit c… Continue Reading