The fight over a bill targeting credit card fees pits payment companies against retailers
The fight over a bill targeting credit card fees pits payment companies against retailers
Bipartisan support for the Credit Card Competition Act has surged since it was introduced last year.
A bipartisan push in Washington to clamp down on credit card fees is pitting retailers like Walmart against network payment processors such as Visa.
no love lost for these ancient financial relics. when you have to pay some automated payment solution more than your staff, theres a problem.
Yes, I’m 100% certain that the retailers who have been increasingly price gouging us for the last 2 years will immediately pass the savings on to the consumer, just as they did in 2010.
“In 2010, lawmakers passed the Durbin amendment as part of the Dodd-Frank Act, which sought to tighten financial regulation in the wake of the 2008 economic crisis. The amendment was supposed to cause a trickle-down savings effect, where merchants would pass along debit card processing savings to customers in the form of lower prices for their goods and services.
But a 2015 survey conducted by the Richmond Federal Reserve found the Durbin amendment did little to lower costs for consumers and merchants. Just 1.2% of the surveyed merchants reduced prices, and 11.1% said their debit card processing costs declined. Nearly one-third of respondents reported even higher debit card swipe fees, according to the survey.“
We really need Jesus to expel these money changers imho I think we have better chance of the second coming happening before the parasites in power do something like that.
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It's OK guys, we'll somehow pay for it one way or another...
Anti-competition is anti-consumer.
The sad part is that if this goes through, no more credit card rewards.
Oh no... anyways.