Financial Lobby Fights Lower Cap On Debit Swipe Fee

Law360, New York (March 15, 2012, 2:45 PM EDT) -- The Federal Reserve's flawed restrictions on debit card fees already are hurting banks and credit unions, but the legal quest by retailers to lower the cap on debit card transaction fees would only worsen the impact, a coalition of financial industry groups said Thursday.

The coalition, which includes the American Bankers Association, National Association of Federal Credit Unions and Credit Union National Association, consistently has opposed the Fed rule restricting the fees, mandated by the so-called Durbin amendment to the Dodd-Frank Wall Street Reform and Consumer...
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