A PYMNTS Company

US/EU: Lawmakers, stores want US consumers to join EU payments bandwagon

By  |  January 22, 2014
US/EU: Lawmakers, stores want US consumers to join EU payments bandwagon

Following the announcement of sweeping overhauls of the European payments industry by the European Commission – overhauls that include strict regulation of swipe fees – reports say retailers in the US are hoping consumers will adapt a similar mindset on their side of the pond. Two US Congressmen, Senator Richard Durbin (D-IL) and Representative Peter Welch (D-VT), sent a letter to the Federal Reserve Board last Friday asking its chairman Ben Bernanke to “carefully review” the European regulations on interchange fees, which proposes a cap for debit and credit cards. Further, the a group of retailers of the Merchant Payments Coalition showed support last Friday for Durbin and Welch’s efforts and said that the European regulatory proposals confirms “the Fed caved to the bank lobbying on debit reform” in a way that is unjustified.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    Full Content: Credit Union Times

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.