Credit Card Companies Urged by Senators to Cancel Plan to Raise Swipe Fees

Dick Durbin, the No. 2 Senate Democrat, and Roger Marshall, a Kansas Republican, the lead sponsors of the Credit Card Competition Act, said Wednesday that the companies were already raking in fees that contribute to inflation.

“With small businesses and families already dealing with high prices on groceries and gasoline, this hidden credit card fee increase couldn’t come at a worse time,” the senators said in a statement. Their measure would require the largest banks to offer a choice of networks for processing transactions, including one outside of Visa or Mastercard. Durbin successfully helped enact legislation in 2010 that led to much lower fees for debit card transactions.

The Nilson Report, an industry publication, found that merchants paid out $160.7 billion in swipe fees last year, while the merchant-consulting company CMSPI estimated the new fees could cost them another $500 million a year.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

HP Inc. sees slowing PC demand in mixed Q3 earningsHP Inc. (HPQ) shares are falling this morning after the computer manufacturer showed mixed third-quarter earnings — narrowly missing on revenue of $13.2 billion while narrowly beating estimates with adjusted earnings of $0.86 per share. Yahoo Finance Live examines HP's revenue across segments and how slowing demand for PCs in consumer markets is hitting the company.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »