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Dick Durbin
Merchants lose bid to force lower debit card swipe fees
Merchants lose bid to force lower debit card swipe fees

The U.S. Supreme Court declined to hear an appeal by retailers seeking to force the Federal Reserve to impose lower fees on the more than $1.4 trillion in debit card transactions processed by Visa and MasterCard and big banks. The court's denial, made without comment this morning, is a blow to big retailers, like Wal-Mart Stores Inc. and Target Corp., as well as smaller concerns, and a big win for the financial services industry.  The decision lets stand regulations laid down by the Federal Reserve under the 2010 Dodd-Frank financial reform law that capped so-called interchange fees at 21 cents per transaction, much higher than the Fed had originally proposed and what merchants...

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