Fed Makes No Changes To Swipe Fee Cap

By  |  March 6, 2013
 | 

The Federal Reserve Board has decided against adjusting its cap on interchange fees, allowing it to remain at its current mark of 21 cents per transaction.

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    Retailers had lobbied for a change in the cap thanks to new data that reveals that the average fee collected by issuers was 24 cents, according to American Banker.

    “The Federal Reserve’s unwillingness to revisit their flawed rules despite this compelling data is astounding and retailers will continue to use all means necessary to ensure the reforms are implemented as the law intended,” said Bill Hughes, senior vice president of government affairs at the Retail Industry Leaders Association.

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