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Visa, MasterCard Plunge as Fed Issues Rules to Cut Debit Fees
Dec-16-2010---The Federal Reserve Board proposed new rules to curb debit-card fees, offering alternative plans that are likely to aid retailers and cut profit for US lenders who reaped about $15billion from interchange fees last year. Currently, card networks charge merchants a percentage of the purchase price, regardless of cost. The Fed rules would force networks to rely on transaction fees, which could be capped at 12 cents each.
Fed staff proposes 12-cent cap on debit card fees
Fed may act to curb debit-card fees
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