credit cardsA year after Congress voted to limit the amount that credit cards can charge for transactions, lobbyists for big banks and credit card companies are lobbying congressmen to delay implementation of the changes. The proposed postponement will cost customers and retailers more than $1 billion a month, the Washington-based National Retail Federation (NRF) said Thursday.

According to the NRF, the proposed limits on the "swipe fees" that Visa (V), MasterCard (MA) and American Express (AXP) can charge retailers for every transaction would save customers and merchants almost $30 billion over two years. Last year's proposal would limit swipe fees to 12 cents per transaction, roughly a 70% reduction from current fees.

"Congress recognized last year that the credit card companies and big banks have been extracting monopoly-like fees from merchants and their customers for far too long," said Mallory Duncan, NRF senior vice president and general counsel, in a statement. "Now that reform is about to go into effect, the card industry is asking for a do-over they don't deserve."

Last October, the U.S. Justice Department filed an antitrust lawsuit against American Express, alleging that the financial institution engaged in anticompetitive practices related to swipe fees. The Justice Department also said it reached a proposed settlement with Visa and MasterCard over similar charges.

The House Financial Services Committee's Subcommittee on Financial Institutions held a hearing on Thursday to discuss the regulations.


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foxylynx

What reforms - they have done nothing to stop "too big to fail" and all the other stuff has just caused fees to go up even more. Congress is a bad joke for the avg American.

February 18 2011 at 10:07 AM Report abuse rate up rate down Reply
daveswrath0704

And bank there are not greed ed they get the money from the tax payer at 0% and had 18 month to jack up card card rate cut people line of credit lower people credit score and now they want more when are they going to get it they rape for the last time for the greed of money and power that why we came over the big pond that what happen there the bank and loans company and few as 2% had all the money and power and we are doing it again here in the USA

February 18 2011 at 7:07 AM Report abuse +2 rate up rate down Reply
frank1946

Credit Cards are a moral plague on Society, please return to Fees and Interest
in the beginning, 12 % Interest and # 3.00 Fees, Thanks ! No Minor should be allowed to own a Credit Card !

Bankers must go for it, since they all are going to Hell come Judgement Day !

And my local Banker has the Nerve to attend Church on Sunday ?

February 18 2011 at 5:29 AM Report abuse +1 rate up rate down Reply
topdrftsmatt

Another reason to get rid of the Greed and wasteful spending of lobbists!!!!

February 18 2011 at 12:58 AM Report abuse +3 rate up rate down Reply
premenos

Didn't anyone see this coming when they put the Republicans back in as the majority? Banks, insurance companies and gas/oil companies own the United States. They just allow us to reside here, on their terms. It is really sad what the greenback does. All they want to do is tear apart everyhting that has been accomplished and send us spiraling back down into oblivion again. Does the erstwhile "Contract with America" bring back any memories?

February 17 2011 at 9:24 PM Report abuse +2 rate up rate down Reply
johnskii

As an Indedendent voter I must agree that there must be MORE reform in the credit card industry that protects the American comsumer/taxpayer. The Republicans better be careful where they tread in this area. The banks and Wall Street are do for a major makeover via the American people/government.

February 17 2011 at 7:34 PM Report abuse +7 rate up rate down Reply
DawnellDaugherty

The banks,credit card companies,and mortgage companies are finally getting the hammer put down on them and having their business ethics questioned.

February 17 2011 at 6:45 PM Report abuse +11 rate up rate down Reply
jjhrams

greedy bastard

February 17 2011 at 5:49 PM Report abuse +10 rate up rate down Reply