
“The 2010 Dodd-Frank law called for the Fed to cap such fees, which banks charge to retailers when their customers use debit cards to make purchases. Judge Richard Leon of the U.S. District Court for the District of Columbia sided with retailers, who argued the Fed’s 21 cent cap was higher than Congress intended. The so-called Durbin amendment to Dodd-Frank, named for its sponsor, Democratic Senator Richard Durbin of Illinois, was intended to reduce burdens on retailers and hopefully trickle down to consumers in the form of lower prices.”
Related posts:
JP Morgan fines may hit $600 million
Bank of Cyprus Depositors Face New Blow With Share Sale
CIA Director John Brennan Confirmed as Reporter Michael Hastings Next Target
IRS Moves To Revoke Passports For Unpaid Taxes
Top U.S. railroad official resigns after 'consulting' income surfaces
Norway's Sovereign Wealth Fund Flees Currencies Tainted by Stimulus Addiction
Doctors eradicate girl’s cancer by reprogramming HIV
Government 'Cyber Troops' Manipulate Facebook, Twitter: Oxford Study
African Bank rescue rekindles bailout fears
Rich Manhattan moms hire handicapped tour guides to cut lines at Disney World
Students Love Trump's Tax Plan When They Think It Came From Bernie
Insider buying of gold stocks surges to multi-year highs
Blackstone Establishes Single-Family Buy-to-Rent Lending Platform
Yahoo buys mobile newsreader app Summly from 17-year-old London kid for a seven-figure sum
Looking to spend those hard-earned Bitcoins? Victoria diner takes cybercurrency