Skip Navigation

Close and don't show again.

Your browser is out of date.

You may not get the full experience here on National Journal.

Please upgrade your browser to any of the following supported browsers:

Durbin and Bankers Duke It Out Over Swipe Fees Durbin and Bankers Duke It Out Over Swipe Fees

NEXT :
This ad will end in seconds
Close X

Not a member or subscriber? Learn More »

Forget Your Password?

Don't have an account? Register »

Reveal Navigation

 

Influence

Durbin and Bankers Duke It Out Over Swipe Fees

The swipe-fee saga continues.

Senate Majority Whip Dick Durbin has some cutting words for the American Bankers Association over interchange fees--better known as swipe fees.

"While the banking industry may resent that its enormous lobbying effort did not produce a different outcome, a defeat is not the same as a mistake," Durbin wrote today in reply to an ABA letter to congressional leaders.

Durbin's missive comes five days after the ABA urged congressional leaders to reject calls by some retail groups for government "price controls."

The issue, according to the ABA, is that retail groups lamenting the unfairness of the payments system are lobbying government to intervene. The ABA wants none of that. The ABA further points to a $7.2 billion settlement that it says represents a "market solution" that resolves the disputes.

Durbin's reply makes clear he disagrees but he stops short of mentioning or calling for new legislation.

"The credit and mobile payment systems still suffer from excessive swipe fees, a lack of transparency, and a dearth of real competition," Durbin wrote.

Don't Miss Today's Top Stories

Chock full of usable information on today's issues."

Michael, Executive Director

Concise coverage of everything I wish I had hours to read about."

Chuck, Graduate Student

The day's action in one quick read."

Stacy, Director of Communications

Great way to keep up with Washington"

Ray, Professor of Economics

Sign up form for the newsletter
MORE NATIONAL JOURNAL