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Banks Fight Proposed Cap on Debit Card Transactions

The banking industry is lobbying the Federal Reserve to delay and revise proposed caps on what they can charge merchants for debit and credit card transactions. You can click here to read Bloomberg's report on the issue. The proposal would limit fees at 12 cents per transaction. The retail industry supports the proposal. "Such relief is crucial as retailers continue to struggle to recover from the worst recession of our lifetime," Jan Teague, chief executive officer of the Washington Retail Association, wrote in a Feb. 11 comment letter. Bloomberg's story says the largest U.S. banks could lose as much as $12 billion a year under the proposal.