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The proposed Credit Card Competition Act, a bipartisan bill introduced last year by Sens. Dick Durbin (D-IL) and Roger Marshall (R-KS), targets the dominance of payments processors Visa and ...
Sens. Dick Durbin and J.D. Vance want to put the Federal Reserve in charge of credit card reward ... and American Express. Those fees, which range from about 1.2 percent to over 3 percent of the ...
This month, Congress will vote on a bill to eliminate almost all of the funding for popular credit card reward programs like cash back and travel points. This legislation would allow retailers to...
Interchange fees or "debit card swipe fees" are paid to banks by acquirers for the privilege of accepting payment cards. Merchants and card-issuing banks have long fought over these fees. Prior to the Durbin amendment, card swipe fees were previously unregulated and averaged about 44 cents per transaction. [3]
Plaintiffs allege that Visa, Mastercard, and other major credit card issuers engaged in a conspiracy to fix interchange fees, also known as swipe fees, that are charged to merchants for the privilege of accepting payment cards, at artificially high levels. In their complaint, the plaintiffs also alleged that the defendants unfairly interfere ...
Congress is taking another bipartisan look at whether to cap credit card interest rates February 6, 2025 at 3:33 PM Data shows that 6.86% of credit card balances were delinquent at the end of March.
The Fair Credit and Charge Card Disclosure Act (abbreviated as the FCCCDA) is an American consumer protection law that requires credit card companies and loan agencies to disclose any "fine print" about a loan or line of credit to the consumer. [1] This includes information about variable interest rates and fees. The FCCCDA was passed in 1988.
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