Federal Reserve's Proposal Leads to 'Horse-Race' Between Retailers and Banks

As the deadline for the Federal Reserve to determine whether to cap debit card fees approaches, banks and retailers have engaged in an aggressive lobbying campaign that one consumer advocate has likened to a "horse race." At issue is the Fed's proposal to cap fees on debit card usage -- or "interchange" fees -- from 7 cents to 12 cents for each transaction, compared with the existing average fee of 44 cents for each transaction in 2009. Congress gave the Fed authority over interchange fees...Full Story
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