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07.27.20

Durbin And Welch To Fed: Excessive Debit Swipe Fees Are Hurting Merchants During Pandemic

WASHINGTON - U.S. Senator Dick Durbin (D-IL) and U.S. Representative Peter Welch (D-VT) sent a letter to Federal Reserve Chairman Jerome Powell expressing concern over troubling debit card industry practices that are diminishing competition and costing American merchants potentially billions in excessive swipe fees. Under current law, enacted as part of the 2010 "Durbin Amendment," banks that issue debit cards must enable at least two unaffiliated debit networks to be available for each debit c… Continue Reading

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