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Washington Watch Update: Debit Card Fee Legislation Failed Senate Passage

Friday, June 10, 2011

Posted by Kristin Oberlander - A delay for legislation that would cap the amount banks can charge retailers per debit card transaction has failed in the Senate. Both Sens. John Tester (D-Mont.) and Bob Corker (R-Tenn.) wish to delay the onset of the law until sufficient studies have been performed by the Federal Reserve to find out possible ramifications to banks.

The measure originally passed as an amendment to the regulatory overhaul of 2010 and goes into effect in July. As part of the effort, the Fed suggested banks cap the limit that they are able to charge retailers to 12 cents per transaction, instead of a more common 1% of the total of each transaction.

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