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Durbin amendment. The Durbin amendment, implemented by Regulation II, [ 1] is a provision of United States federal law, 15 U.S.C. § 1693o-2, that requires the Federal Reserve to limit fees charged to retailers for debit card processing. It was passed as part of the Dodd–Frank financial reform legislation in 2010, as a last-minute addition by ...
Interchange fee is a term used in the payment card industry to describe a fee paid between banks for the acceptance of card-based transactions. Usually for sales/services transactions it is a fee that a merchant's bank (the "acquiring bank") pays a customer's bank (the "issuing bank"). In a credit card or debit card transaction, the card ...
The payment card interchange fee and merchant discount antitrust litigation is a United States class-action lawsuit filed in 2005 by merchants and trade associations against Visa, Mastercard, and numerous financial institutions that issue payment cards. The suit was filed because of price fixing and other allegedly anti-competitive trade ...
On March 26, 2024, Visa and Mastercard, the two largest credit card issuers in the U.S., agreed to lower credit card interchange fees for merchants.
These charges — also known as interchange fees — are paid by retailers, supermarkets, convenience stores, gasoline stations, and online merchants when consumers shop with their debit cards ...
With every credit card swipe, local businesses lose a percentage of income to bank transaction fees, a credit card reform act may offer a reprieve Durbin meets with Springfield businesses about ...
The "Durbin amendment" [33] is a provision in the final bill aimed at reducing debit card interchange fees for merchants and increasing competition in payment processing. The provision was not in the House bill; [ 23 ] it began as an amendment to the Senate bill from Dick Durbin [ 34 ] and led to lobbying against it.
Swipe fees, also called interchange fees, reimburse banks for costs involved in offering debit cards. The fees are determined by Visa, MasterCard and other card networks, with a cap of 21 cents ...