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...
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.