Fed Adopts 21 Cent Cap On Debit Card Swipe Fees

Law360, New York (June 29, 2011, 5:46 PM EDT) -- The Federal Reserve Board on Wednesday limited the fees that banks can charge merchants for debit card transactions to 21 cents per swipe, a higher cap than previously proposed but still below what most issuers charge now.

News of the Fed's softened approach sent stock prices of Visa Inc., MasterCard Inc. and eBay Inc. skyrocketing Wednesday.

The companies and many financial firms had engaged in an all-out lobbying blitz after the Fed initially proposed capping the fees at 12 cents per swipe as part of its...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.