EU Proposes Limits On Credit, Debit Interchange Fees

Law360, New York (July 24, 2013, 7:20 PM EDT) -- After years of fighting to lower credit and debit card fees through competition cases, the European Commission proposed legislation Wednesday that would cap the fees and ban consumer surcharges.

The two-pronged proposal would both regulate the interchange fees that banks charge one another to process credit cards and make improvements to payment services within the European Union.

For the first 22 months after the proposal takes effect, interchange fees for cross-border transactions would be capped at .2 percent of the transaction value for debit cards and...
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