(Source: Reuters by Dave Clarke, Brad Dorfman) WASHINGTON, June 29 (Reuters) – Banks are hoping to win at least a small reprieve from the Federal Reserve on Wednesday when the central bank releases a final proposal cracking down on the fee banks charge retailers when a debit card is used.
Bank officials are not expecting the Fed to back off much from its December proposal, but even boosting the fee cap by a few cents would ease the blow.
In December the Fed proposed capping the fees at about 12 cents per transaction — a 75 percent cut from the 2009 average of 44 cents, according to the central bank.
Source: Reuters by Dave Clarke, Brad Dorfman
Posted 6/29/2011 12:01 AM
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