Sen. Seeks Reform On Credit Card Interchange Fees

Law360, New York (June 10, 2009, 12:00 AM EDT) -- On the heels of a similar measure in the U.S. House of Representatives, Sen. Dick Durbin, D-Ill., has introduced a bill that would allow federally appointed judges to determine interchange fees for credit card purchases — currently the subject of multidistrict antitrust litigation — if merchants and banks can't reach a deal.

The Credit Card Fair Fee Act of 2009 would allow retailers to negotiate with credit card companies over the fees and terms of access for accepting credit cards for a mandatory period of time....
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