Measure Tackles Credit Card Interchange Fees

Law360, New York (June 9, 2008, 12:00 AM EDT) -- A bill introduced Thursday in the U.S. Senate aims at preventing credit card companies from using their market power to charge unfair interchange fees.

According to its sponsor, Sen. Dick Durbin (D-Ill.), the Credit Card Fair Fee Act would allow retailers to negotiate directly with credit card companies over interchange fees. At present, MasterCard and Visa unilaterally set the fees, which are said to cost merchants and consumers over $40 billion annually.

Under the bill, if an agreement could not be worked out voluntarily, the U.S....
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