Newsnm note - Despite a 55-45 margin and bi-partisan support, banks lost and retailers won. Now we will see what happens to consumers when costs of debit card issuance and bank service fees are re-worked. The Nation - For the past year, a wide and expensive lobbying fight in Washington has pitted Wall Street banks against big retailers, and fattened the wallets of lobbyists up and down K Street. The final battle (for now, anyhow) will take place on the Senate floor this afternoon when an amendment by Senator Jon Tester of Montana comes up for a vote. This fierce debate is over the “swipe fees” that banks charge retailers when a customer uses a debit or credit card at their store.
 |
| "Dick" Durbin |
During the Dodd-Frank financial reform debate last year, Senator Dick Durbin successfully passed a bill requiring the Federal Reserve to limit these fees, and the Fed’s rules go into effect on July 21. Tester’s amendment would delay that implementation by twelve months. There’s a lot at stake for Wall Street banks in this fight—they rake in $1.35 billion in swipe fees every month, according to the Nilson Report. More than half goes to ten large megabanks that include Chase, Wells Fargo and Bank of America. Read full story here: News New Mexico
Posts
0 comments:
Post a Comment