The Senate votes to let the Federal Reserve limit the fees that stores pay banks each time a shopper swipes a debit card. It’s a victory for merchants in a long-running lobbying fight with banks.
“Credit and debit card swipe fees cost the average American household $427 per year.”
— Mallory Duncan, National Retailers Association
Other fees will rise with the loss of the interchange …
“Millions of consumers that barely have the means to access banking services are going to be hurt” because community banks will have to make up for the lost revenue.
— Camden Fine, Independent Community Bankers Association