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The Durbin amendment, implemented by Regulation II, [1] is a provision of United States federal law, 15 U.S.C. § 1693o-2, that requires the Federal Reserve to limit fees charged to retailers for debit card processing. It was passed as part of the Dodd–Frank financial reform legislation in 2010, as a last-minute addition by Dick Durbin, a ...
One part of the Act, the Durbin amendment, required the Federal Reserve Board to promulgate a regulation limiting fees for debit-card transactions. In 2011, the Board published its final rule, which set the maximum transaction fee at $0.21 plus 0.05% (5 basis points). [1] Several merchant groups challenged the rule in 2011 in NACS v.
July 1, 2024 at 7:03 AM. By John Kruzel. WASHINGTON (Reuters) -The U.S. Supreme Court on Monday revived a North Dakota convenience store's challenge to a Federal Reserve regulation on debit card ...
The payment card interchange fee and merchant discount antitrust litigation is a United States class-action lawsuit filed in 2005 by merchants and trade associations against Visa, Mastercard, and numerous financial institutions that issue payment cards. The suit was filed because of price fixing and other allegedly anti-competitive trade ...
In the complaint, filed in the Southern District of New York, prosecutors said Visa handled more than 60% of US debit transactions, earning the company more than $7 billion in fees a year.
The US Justice Department went after Visa (V) on Tuesday in a federal antitrust lawsuit alleging that the company illegally used the scale of its vast card processing network to block competition ...
ATM fees now commonly reach $3.00, and can be as high as $6.00, [10] or even higher in cash-intensive places like bars and casinos, in cases where fees are paid both to the bank (for using a "foreign" ATM) and the ATM owner (the so-called "surcharge") total withdrawal fees could potentially reach $11.
According to the DOJ's complaint, 60% of debit transactions in the United States run on Visa’s debit network, allowing it to charge over $7 billion in fees each year for processing those ...