Credit Cos., Banks To Fight Durbin Amendment

Law360, New York (May 21, 2010, 1:12 PM EDT) -- Financial regulatory reform legislation has cleared a major hurdle in the U.S. Senate, but top credit and debit card issuers and bank lobbyists vowed Friday to keep up their fight against an amendment from Sen. Dick Durbin, D-Ill., that would put new limits on major card networks' interchange swipe fees.

The Durbin amendment was added to S. 3217, the Restoring American Financial Stability Act, on May 13 by a bipartisan vote of 64-33. The final bill was approved late Thursday by the Senate by a vote...
To view the full article, register now.