EU Presses Banks To Drop Debit Fees By 2012

Law360, New York (March 25, 2009, 12:00 AM EDT) -- The European Union’s competition regulator and its central bank have called on banks in Europe to stop charging multilateral interchange fees for direct debit transactions by November 2012, when the fees will be out of step with EU antitrust laws.

In a joint statement on Tuesday, the European Commission and the European Central Bank aimed to get banks ready for the revised regulation on cross-border payments and to clear the way for the European Payments Council to launch a Single Euro Payments Area direct debit system...
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